During economic uncertainty, consumers have less disposable income, and small businesses need to work harder to communicate their value and justify customers’ investment.
To succeed in this environment, focus on emphasizing your value proposition. Here are some strategies to help you stay resilient:
1. Showcase Your Unique Value.
Highlight positive customer reviews and your years of experience delivering results. List the specific benefits of working with your business. Prospective customers may be looking for the best balance of value and price. If possible, promote any payment plans or financing options to attract budget-conscious customers and create a value proposition that resonates with them.
2. Expand Your Services and Diversify Revenue Streams.
Identify complementary, high-demand services you could add to your offerings. For instance, medical aesthetics professionals could explore functional medicine lab training to enhance clients’ results, adding a wellness component that differentiates their practice as both a med spa and wellness center. With the global wellness market valued at $1.8 trillion, med spa clients can benefit from the insights the functional medicine labs provide. Ask yourself: “What related service could solve our customer problems?”
3. Design Irresistible Offers.
One of my clients in the medical aesthetics industry booked 13 appointments in 72 hours through a limited-time flash sale. The promotion focused on a “Dysport Day” sale, encouraging customers to call within a specific timeframe to book their appointment, save 10% off their Dysport treatment, and book their appointment by providing a $100 deposit. This short, enticing offer drove positive engagement, with the owner reporting strong revenue increases during the campaign.
4. Stay Consistent with Marketing Efforts.
Your existing customers already know, like, and trust you. Communicate with them weekly through emails, social media, and text messages. The Ehrenberg-Bass Institute’s 20-year study found that businesses that stopped advertising saw revenue decreases of up to 36% within three years, with small businesses often suffering even greater declines. Research shows that businesses continuing to market through recessions perform better post-recession, with some seeing sales as high as 256% more than other businesses who stopped advertising.
5. Leverage Online Advertising Platforms.
Online advertising platforms operate like auctions. When other companies stop advertising, competition decreases, giving your business a better chance to reach its target audience at a lower cost. Staying engaged in this environment can enhance your brand’s visibility.
In Summary:
Economic uncertainty presents challenges but also opportunities for businesses to show resilience and adaptability. Strengthening customer relationships, leveraging digital marketing, optimizing and enhancing your services, and offering finance options can help businesses navigate difficult times. The key to thriving is staying proactive, adaptable, and focused on delivering value.
About the Author:
Michael Guberti is a digital marketing strategist for small businesses like med spas, plastic surgeons, orthodontists, and more. His campaigns have generated around $90 million in revenue for his clients, managing over a million dollars in online advertising. Michael has spoken at the ISPAN conference, the Vegas Cosmetic Surgery conference, and Gensler’s NYC headquarters. His accolades include The Best Marketing Campaign of the Year Award, the Rule Breaker Award for teaching entrepreneurship at an accredited business school before enrolling, and the New York Knicks’ Sweetwater Clifton City Spirit Award. Learn more at MichaelGuberti.com.