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3 Simple Tips for Marketing During a Recession

3 Simple Tips for Marketing During a Recession | USA Financial
Jul 21
2023

There’s been a lot of talk of a possible economic recession recently. But as history has proven, having the right marketing strategy can be the difference between firms that succeed and those who fail during uncertain economic times.

As your clients are more keenly aware of their spending during financial uncertainty, it is important to consider the following tips so you can be the voice of reason in the room:

1. Stay engaged in conversations with your clients.

During times of uncertainty, stress starts to settle in. It’s more important than ever that you engage with your clients. Don’t miss out on opportunities for one-to-one personalized communication. Perhaps it’s a quarterly call to check in, or an email with a link to an article you saw about their favorite football player. Any advisor can have a financial relationship with their client, but personal connections leave a lasting impression that can differentiate you from other advisors. This not only serves your clients better, but it can also garner more introductions.

2. Prioritize marketing efforts.

Evaluate your marketing strategy and prioritize what has worked. Technology nowadays has made it easy to connect virtually through Zoom, LinkedIn, Facebook, etc. If you’ve already developed pages for your business on those channels, keep it up. Are there any other marketing tools that worked for you? Make a list of what’s been the most effective and efficient for you in the past two years. Scale down that list to a handful of items that fit your budget. Lastly, don’t be afraid to get creative with your messaging and tactics.

3. Emphasize your value for the long-haul.

If you asked your best clients why they chose you as their financial advisor, what would they say? How did you reinforce your value? Recognizing the importance of building trust and personalized connections with your clients moves you from “the advisor who manages my money” to “Joe”. When you met with your best clients, did they trust that the plan you set up for them was for the long-haul? I’d hope so. It is important to remind them that the roadmap might have a few bumps in the road, but you planned for this. Short-term emotions can kill long-term gain. Have you heard that before? If not, and this last paragraph made you pause, then perhaps we should chat.

When hard times hit, people cut spending. Businesses are no different. However, in this industry, we plan for the long haul. There’s no need to panic. We can stay engaged in communication with our clients, strategize what marketing efforts will be most efficient for us, and reinforce the value we provide to our clients.

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