It’s no secret that the market is experiencing a rapid shift. With a mild recession predicted by economists and inflation on the rise, it’s no surprise many are penny-pinching and scaling back their marketing spending.
However, these preemptive panic tactics won’t benefit small businesses in a market with a constant ebb and flow. There is even research that shows maintaining (or increasing) marketing budgets during a diluted economy can actually produce short and long-term advantages for businesses.
Here are four reasons to keep up with your marketing efforts in 2023:
The aesthetics industry isn’t slowing down
Despite a predicted, small downturn in the economy as a whole, studies show the beauty industry is predicted to remain largely unaffected. The lipstick effect is a sociological theory that explains that during economic uncertainty, consumers are still willing to purchase luxury goods as a way to meet emotional needs. While they may not be splurging on costly cosmetic surgery, non invasive treatments like facials and medical-grade products are likely to be in higher demand.
It’s an opportunity to expand your voice in a shrinking space
Others are pulling out, making it a good time to lean in. While your competitors are hunkering down, it will present you with a unique opportunity to dominate the market at a much lower investment price point because you no longer face the same level of competition online.
Grow your corner of space on the digital market and reap the benefits both during the downturn and in the future when pockets are deep.
You can solidify your client base
In a similar vein, as your competition stalls marketing efforts, they’re less likely to keep their client base engaged and loyal. Through consistent marketing efforts, you’ll be able to stay top of mind for your existing base, and even connect with a new audience, keeping your business booming.
Marketing helps you solidify your existing customer base through persistent messaging. Additionally, investing in marketing gives you more control over your business’s narrative, projecting confidence and allowing you to position your brand as a leader in the industry.
It allows you to demonstrate your understanding of the economy
Through promotions and discounts, you’ll attract patients old and new. Utilizing direct messaging that references knowledge of the landscape and tough times we face reflects an earnest approach to running your company, while the consideration for your client base builds respect and trust — not to mention everyone loves a good deal.
Although we can’t predict the future, we can prepare for it. With a proper strategy and a seasoned marketing team to execute, your business can survive and thrive, even in uncertainty.
Assuage your concern and schedule your complimentary consultation with one of our marketing experts today to see how. Contact us online or call (888) 348-3113!