A storm is brewing—one that many experts believe seasoned business owners will find familiar. With a looming recession nearing, entrepreneurs, marketers, and online consumers alike will begin preparing.
Failure to do so could be the difference between whether your business survives the next economic downturn or fades into obscurity. Brand owners who make wise decisions will reap benefits similar to the businesses that navigated the rocky business climate of the 2020 shutdowns and came out strong on the other end. While we’re unsure how long the impact of a recession will last, brands that fail to prepare will struggle to keep up with their goals and stay relevant to target audiences, which will stall growth. Having a recession-ready strategy is a must-have for growing brands in 2022 and beyond.
Before we get into the tactics you need to prepare, start by understanding the importance of being ready to face a recession. The impact of an economic downturn with an indefinite timetable will affect your business on two fronts:
Limited purchase decisions
A recession equally affects consumers and business owners. When money is tight, customers are strategic about how they spend online. Their purchase decisions narrow to a necessities-first mindset, looking at ecommerce as more of a luxury hobby than an everyday activity. If they can’t see a meaningful purpose or reason to trust your brand with their purchases, they won’t take a risk they can’t afford.
Businesses will face several similar issues. Leaders and C-suite positions will have to make hard decisions about ad spend, budgeting, and investment choices. That’s why it’s essential to see the intent behind decision-making and zero in on how each investment aligns with overall business growth. Doing so will require using data and ensuring new initiatives are calculated choices.
Recession-proofing your landing page strategy will boil down to your ability to focus on three primary areas:
- Early experimentation
- Agile decision-making
Remember: The economic climate is not exclusive to businesses. Consumers are just as affected as the brand, and you have to adapt for changes in purchase behavior. Skepticism will grow higher, attention spans shorter, and opportunities more limited.
Be intentional about messaging
Your messaging needs more precision than ever. You can’t afford to cast a wide net with your copy—you must pick a specific audience and speak directly to them. While it might initially feel like you’re limiting conversion opportunities, you’re investing in your best chance to succeed. Specifically focusing on individual segments will boost the customer experience and improve conversion rates. Speaking to audiences you’re invested in and create an effective roadmap to scale. Focusing on segments you know how to resonate with will increase your win rates and decrease ad spend.
Know your audience
Analyze each of your audience segments. Which audience do you know the best? Unfortunately, a recession is no time to tinker heavily with uncharted audiences. Strategically decrease your current target segments and focus your campaigns and experiments specifically on the narrower selection. Again, a purposeful initiative creates more value when you limit who you need to address and identify why. Once you begin to build momentum you can expand your audience outreach through adjacent segments of your current audience rather than jumping into vastly different segments with little to no insights.
With a recession looming, you have to expedite priority initiatives early so you can prepare to make cuts later. As it stands, experimentation will need to take on a reduced role to help your company stay lean and agile. However, you’ll still need the insights from experimentation to navigate a challenging environment.
Knowing what audience to focus on during financial hardships is vital to growth. Before you can do that, you have to understand each of your audiences and which segment makes the best candidate. Experimentation helps with fine-tuning your audience data to paint a clear picture of who to speak to and how. From there, you can build a foundation for focusing on micro-segments of that audience base as you continue with limited testing.
Trust the data
Your decision-making during a recession needs to remain grounded in proven tangibles—in this case, data. Experimentation is the only way to collect that data. If you still have lingering questions about the direction of your brand or business, or the potential impact of a decision, you need to get answers early on. Test different landing page strategies to get definite answers to questions that’ll guide your direction as your business grows or tries to survive. You won’t have this luxury once ecommerce shoppers reduce activity and become less likely to spend.
Agile decision making
A recession is a rollercoaster of a journey for business owners and marketers alike. Even when things begin to look up, it’s hard to tell how long they’ll stay there. That’s why static decision-making might lock you out of meaningful growth opportunities. Knowing your audience and data will help, but you need to remain flexible.
Stay on top of best practices
You can’t afford to fall behind competitors. Make sure your team is monitoring rising trends, growth hacks, and best practices for achieving success. Keep experimenting (even with limited parameters) to test your theories and current game plans. Don’t rely too much on one initiative, ad platform, or sales channel.
Invest in tools that boost efficiency
While your decision-making meets financial criteria, don’t forget that time is money. The right tools can help your teams speed up tasks and knock out initiatives without overspending themselves. Tools like Instapage’s Global Blocks are perfect examples of reducing tasks that take hours of manual effort to mere minutes of your day. During a recession, your team is constantly reviewing and talking about strategy and big-picture goals. If they’re all bogged down with tasks that barely keep the brand afloat, you’ll never drive meaningful growth.
Instapage supports businesses through any growth stage
The Instapage platform is a landing page builder designed for businesses with scrappy budgets and growing teams. It caters to businesses that need quick efficiency boosts and low-cost initiatives. Learn how out the platform delivers on these promises and more through a no-strings-attached consultation. See what it takes to stay ready to create, optimize, and deploy landing pages at scale during even the trickiest times. Request your consultation today to start recession-proofing your landing pages.