As any business owner knows, a recession can be a difficult time. With consumers cutting back on spending, it can be tempting to try to lure in customers with low prices. However, this strategy can backfire if you are not transparent about your pricing. If customers feel that they have been duped into spending more than they intended, they are likely to take their business elsewhere. Instead, it is important to be upfront about pricing from the start.
As any business owner knows, a recession can be a difficult time. With consumers cutting back on spending, it can be tempting to try to lure in customers with low prices. However, this strategy can backfire if you are not transparent about your pricing. If customers feel that they have been duped into spending more than they intended, they are likely to take their business elsewhere. Instead, it is important to be upfront about pricing from the start.
Creating a smart cash cushion ahead of time is an essential part of running a successful business no matter what economic climate it may be facing. Here are some reasons why having a strong cash reserve is crucial for helping your business during a recession.
Does your team take several hours to respond to customer inquiries from social media channels? Or worse, do you have dozens of days-old messages still flagged for follow-up?
When customers take the time to message your business on Facebook or Instagram, it’s easy to assume that they’ll wait for your response before taking action. But that’s not a realistic approach, especially when the average customer has high expectations and tons of other options to consider.
As a marketer facing economic uncertainty (and the resulting budget cuts), it’s more important than ever to evaluate your company’s digital strategy.
So, how do you maximize results if you have fewer resources and funds to work with?
How should you allocate your marketing budget to generate the highest return on investment (ROI) possible?