Driving Sales During Tough Economic Times
Did you know companies who continued to advertise during the two-year recession saw 256% higher sales than their counterparts post-recession? Those who chose not to advertise during the economic slump saw virtually 0% market share increase and a rise in sales of only 18% once the economy regained traction again.
With the right strategies, it is possible to connect with potential customers and drive sales even during tough economic times.
Here are a few strategies that home improvement businesses can use to effectively advertise during a recession:
Offer promotions and discounts: Offering discounts and promotions can be a great way to entice customers who may be hesitant to spend money during a recession. This can include discounts on services or products, or limited-time offers.
Focus on the value of home improvement: When times are tough, consumers are looking for ways to save money. Highlighting the long-term benefits of home improvement projects, such as increased energy efficiency and property value, can help to show potential customers that these investments can actually save them money in the long run.
Utilize digital advertising: In a recession, people are likely spending more time at home and online. Digital advertising, including social media, email marketing, and search engine optimization, can be a cost-effective way to reach potential customers where they are spending their time.
Collaborate with other businesses: Collaborating with other businesses, such as real estate agents, architects, and home builders, can help to expand your reach and get your brand in front of new customers.
Focus on customer service: During a recession, customers are looking for value and quality. Focusing on providing excellent customer service, including timely and effective communication, can help to build trust and create repeat business.
Advertising home improvement businesses during a recession requires a strategic approach. By focusing on value, staying consistent with advertising and providing excellent customer service, home improvement businesses can connect with potential customers and drive sales even during tough economic times. Reach out to your local TheHomeMag representative at (775) 258-3537 or email us at THMNNV@thehomemag.com and take advantage of growing your business at this time.
