The current economy, with its skyrocketing inflation and high production costs, is deterring customers from making in-store purchases. 76% of shoppers in the U.S. are reading online reviews and seeking lower prices prior to deciding what to buy.
While 76% of people intending on participating in summer sales say they will spend similar amounts to last year, 24% of customers stated that the current economic situation has left them with less spending money for big summer sales.
To prepare for dips in spending during winter holiday sales, marketing has become even more important than ever before. Now is the time to re-examine your business and re-optimize for future operations and growth.
- Define Your Value
What is the one thing that sets you apart from your competition? What attracts consumers to your brand? This is what you need to define NOW to continue to grow.
Your long-term success depends on your “why.” If you want to be a successful brand in the long run, you need to pinpoint your core message and attract those consumers who are drawn to it. Remember – it’s a marathon, not a sprint.
- Be Open to New Opportunities to Expand Market Share
When it comes to customer experience, engaging with your clientele is more important than ever. Today’s consumers EXPECT and DEMAND personalized service. 58% of consumers won’t even consider a brand that doesn’t provide a valuable customer experience. So if you want to retain and gain new customers, you need to provide a unique way of keeping them engaged and happy throughout the entire consumer journey.
- Rethink Your Marketing Strategy
During a recession, the first thing that most retailers cut is their marketing budget. But once again, a recession can be the perfect opportunity to BUILD brand recognition – not CUT IT DOWN.
As conversion rates decline, advertisers tend to pull back on their spending. And this is your chance to buy cheaper impressions and ads to build up your brand awareness. Look for marketing arbitrages while marketers pull back spending.
Utilizing an automation platform such as Cymbio enables growth and support for brands & retailers providing the ability to optimize inventory from one channel to another while reducing operational costs without any extra cost.
Successful Retailing throughout a Recession
While recessions can definitely be difficult for operations, they can also present the opportunity for retailers to re-examine their business and re-optimize their future operations. To continue to be successful during a recession, retailers must look for opportunities that reinforce and expand their value proposition.
If you are looking for an optimal way to drive digital sales and your brand’s online presence, Cymbio is here to help! We pride ourselves on providing streamlined automation of marketplace and retail relationships with a one-to-all connection. Cymbio will cut down on the time and resources you spend on digitalization and allow you to focus on improving your brand and its recognition.