ASB is tipping New Zealand to enter a deeper recession than previously thought, with its chief economist predicting a “tough year” ahead.🤪🤪
The bank today published its Quarterly Economic Forecast, where it predicted a contraction of the New Zealand economy of 2% by early next year.
That’s more than half the decline seen during the Global Financial Crisis. { Quoted from 1 News website}
Hey There!
🌟 It’s time to gear up and prepare your digital marketing strategy for the predicted recession in 2023. But hey, don’t worry! We’re here to tell you that digital marketing is more important than ever during tough times. By connecting with your customers online, you can build brand awareness and create lasting connections that will go beyond the economic downturn. Let’s dive in and see why it matters!
🚀 Investing in digital marketing
now ensures that you can reach your customers even when the economy is struggling. Remember how Covid-19 changed everything and made us spend more time online during a crisis? Well, that’s why it’s crucial to make your business visible on platforms where your target audience is scrolling. Being present where they are is absolutely critical.
🌍 Let’s take a moment
To understand how a recession might impact New Zealand businesses. Naturally, consumer spending tends to decline when people are concerned about their financial security. This can have a significant impact on retailers and restaurants, but it also affects other industries indirectly.
💳 Another challenge
during a recession is the difficulty in obtaining credit. This can make it tough for businesses to invest in new products or services, or expand their operations. Additionally, economic downturns can lead to job cuts, which affect employee morale and the overall mood of the population.
⚡️ But hey, it’s not all doom and gloom! Although you can’t control external factors, you still have the power to expand your customer base and strengthen connections with your existing customers. Regardless of whether there’s a recession or not, your business still needs marketing to thrive!
📢 Now, the big question is:
should you market your business during a recession? Some businesses might hesitate, fearing that they’ll come across as insensitive. However, they’re missing out on a huge opportunity! During tough times, customers are more likely to research and buy products online. So, if you already have a strong online presence, you’re well-positioned to weather the storm. The key is to be careful and mindful of your messaging.
💻 So, how can businesses use digital marketing to connect with customers?
It’s time to shift the focus from pure sales to building relationships in an affordable and effective way. Start by leveraging your website. It’s not just about providing information on your products and services; it’s a powerful tool to turn visitors into leads and customers. If your website is outdated, unappealing, or not fit for purpose, it’s time for a revamp! Consider bringing in professionals to transform it into a marketing powerhouse.
📱 Another fantastic way
to connect with customers is through social media. Platforms like Facebook, Twitter, and LinkedIn offer businesses a way to create a community around their brand and engage with customers directly. The influence of social media cannot be overstated, and now is the perfect time to invest your time, energy, and resources into building a strong online presence.
🗝️ By using digital channels strategically
you can communicate directly with your customers and share positive messages about your brand. This helps build awareness and expands your potential customer base, even when spending habits return to normal.
💡 Here are some key things to remember when marketing during a recession:
1️⃣ Stay focused on your goals: Make the most of your marketing investment by setting clear objectives and tracking your success
2️⃣ Keep your messaging clear and concise: In times of economic uncertainty, people crave engaging content that offers a break from their daily routine. Ensure your key points are easily understood and digestible.
3️⃣ Focus on value-added content: While people may not be spending in the same way they used to, they are still looking for ways to save money. Offer them valuable content, such as tips, how-to guides, or even discounts and special offers, to provide real value and build a positive association with your brand.
🚀These tips will help you navigate through the recession and ensure that your digital marketing efforts are effective in capturing the attention and interest of your target audience.
Let’s keep pushing forward and making the most out of your marketing strategies! Remember, we’re here to support you every step of the way.
p: 09 242 1821
