Are all these headlines about an economic downturn making you nervous? It might settle your nerves to know that small businesses have an upper hand over bigger corporations during an economic downturn—let me explain. 

I recently attended a national marketing conference where there was *plenty* of discussion about what CMOs (chief marketing officers) should be doing to continue driving business in the face of an economic downturn. 

The biggest advice? Sink money into personalisation to increase existing customer engagement.

This is something we small business owners are already masters at—and it doesn’t cost us a lot of money to do. 

→ We care deeply about our clients.

→ We’re inherently personal in all of our interactions. 

→ We know how valuable repeat (or referred) business is and we don’t take it for granted. 

So knowing we’re already one step ahead of big business when it comes to marketing in an economic downturn, what else can we do? 

Here are 5 ideas for marketing in an economic downturn that won’t break the bank: 

1. Find your highest value customer.
   
   Being crystal clear on your most valuable client allows you to target your marketing to the people who are most likely to generate revenue for your business.

2. Retention is the new growth.
   
   It is 5 to 25 times more expensive to gain a new customer than retain an existing one. Consider product or service offering with which you can continue to serve your existing clients. 

3. Build your email list.
   
   Nurture your audience and have your business stay top of clients’ minds by sharing regular email newsletters that provide value and keep people engaged and interested in what you have to offer.  

4. Focus on SEO.
   
   By consistently creating high-quality blog content that incorporates relevant keywords and internal and external links, you can improve your SEO and drive more traffic to your website without spending a lot of money.

5. Reward loyalty.
   
   Rather than providing discounts to all customers (and hurting your margins), provide loyalty rewards or special promotions to keep existing clients engaged and coming back for more.

Do you want support determining the best marketing strategies for your business? Schedule an inquiry call with me today to learn more about my 2-Hour Strategy Sessions where you can “ask me anything” and together we’ll come up with a plan to get your marketing sorted.