5 Key Strategies to Win New Business in an Uncertain Economy
In times of economic instability, marketers face the daunting task of achieving more with fewer resources. The rollercoaster ride of an up-and-down economy combined with the looming threat of inflation has forced businesses to reevaluate their budgets and make tough decisions. In this article, we delve into the key strategies that can help marketers thrive amidst economic turmoil.
Keep maintaining momentum
The old adage “When times get tough, the tough get going” holds true for marketers facing uncertain economies.
While it’s tempting to reduce marketing efforts, history has shown that consistent and strategic marketing pays off in the long run. Keeping up momentum when competitors are cutting back can ultimately lead to capturing a larger share of the market.
Ensure messaging is relevant and personalized
In uncertain times, consumer preferences can shift rapidly. Around 75% of consumers tried a new shopping behavior in the last 18 months, and more than 80% of them intend to continue experimenting with new shopping habits. With customer loyalty up for grabs, generic marketing messages won’t cut it anymore.
The solution lies in personalization: tailored messages, offers, and content that truly resonate with individual customers. Hyper-personalization goes beyond merely addressing customers by their first names. By understanding customer pain points, aspirations, and buying behaviors, marketers can craft messages that drive repurchases and enhance customer loyalty, even in uncertain times.
Offer special promotions to persuade cautious customers
It’s essential to remember that consumers are still spending money, albeit more cautiously. This is an opportune moment to capture their attention by offering added value.
Running special offers and deals like gifts with purchase, where feasible, can entice price-sensitive consumers to make purchases. By carefully analyzing consumer behavior and gross margins, marketers can identify areas where discounts can be strategically applied without severely impacting their bottom line.
Craft tailored campaigns to win new customers
Businesses can gain a competitive edge by crafting highly targeted omnichannel marketing campaigns across paid and owned media. Instead of employing a one-size-fits-all approach, businesses should ensure they have the necessary tools to create tailored messages, offers, and experiences that drive engagement and conversions.
To this end, Customer Data Platforms (CDPs) have emerged as a crucial tool for marketers. With a CDP, marketers can seamlessly layer transaction histories, browsing behaviors, demographic details, and other key data points, enabling a 360° view of individual consumers. Armed with these insights, marketers can curate hyper-personalized campaigns across social media, display advertising, email, SMS, and more, speaking to individual preferences and needs while fostering engagement and driving conversions.
Optimize your marketing spend with advanced analytics
In an uncertain economy, every advertising dollar counts. To ensure that your marketing efforts are yielding the best possible return on investment, it’s essential to ensure your campaign measurement, analytics, and tracking capabilities are up to scratch. A CDP can help marketers figure out which campaigns, channels, and audiences are working, and which aren’t, so marketing teams know what to focus on.
Your Roadmap to Success:
Download the “Navigating Economic Headwinds” eBook
If you would like to learn more about the insights and strategies needed to navigate the current economic landscape, you can download our eBook, “The Marketer’s Guide to Navigating Economic Headwinds.” In this comprehensive guide, we delve deeper into the strategies discussed in this article and provide practical tips for achieving marketing success in uncertain times.
Thriving Through Economic Challenges with Zeta
While an uncertain economy may present obstacles, it also offers opportunities for forward-thinking marketers. By embracing hyper-personalization, harnessing the power of CDPs, and strategically maintaining marketing spend, businesses can not only weather economic storms but also emerge stronger and more resilient. Learn how Zeta can help you rise to the occasion.
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