How to thrive as a business in the economy today

If you think it's crazy to be spending efforts on your brand and marketing during an economic downturn... well, you're right. But not for the reasons you might think!

Yes, consumers are spending less right now. However, they won’t be cutting back forever. This is the perfect time for businesses to understand our audience's evolving needs, build trust, and be there when they're ready to buy. Consumers are already mentally bookmarking brands and products they want to purchase, forming emotional connections even without making a purchase.

1. Understanding Evolving Needs

In times of economic uncertainty, consumer behaviour shifts. People are becoming more selective with their spending, prioritising essentials and deferring non-essential purchases. However, this doesn't mean they're not paying attention to what service or product you are offering. They're observing and evaluating the value you are bringing to them. Businesses that take this time to understand and adapt to these evolving needs will be better positioned when consumer confidence returns. Parents, for instance, will always prioritise their kids' needs and wants, regardless of the economy, highlighting the importance of understanding specific audience segments.

2. Building Trust & Brand Loyalty

Trust is more important now than ever; it's what brings repeat customers, and especially in a time when people are getting selective with their spending, they become incredibly loyal to those that bring value to them. Consumers are looking for brands they can rely on, brands that show empathy and understanding. By continuing to communicate your value and demonstrating genuine care for your audience, you're building a foundation of trust that will pay off in the long run. Think about the brands you connect with emotionally—chances are, they’ve earned your trust by being consistent and empathetic.‍

3. Staying Top of Mind

If what you're offering isn't a necessity but a nice-to-have, it's still crucial to stay active and present in your marketing efforts. Pausing your strategic branding and marketing now could have long-term implications for your business. When consumers are ready to spend again, they’ll turn to the brands that stayed relevant and visible during the downturn. Demonstrating your value and maintaining your competitive edge ensures you're top of mind when your audience is ready to buy.

So yes, it sounds crazy! But Harvard and Forbes don't seem to think so!

If you read the above and think that is you—if you want to build a business for long-term success, show the value you bring, build trust, and stay top of mind—let me introduce myself. Hi, I'm Joyce, your new design bestie! Book a free brand strategy call with me on Calendly here.

Read more here:

• "How to Market in a Downturn" by John Quelch and Katherine E. Jocz (Harvard)
• "6 Ways To Build Your Brand During A Recession" by Bill Baker (Forbes)

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