Recently, the Crystal Media team attended an in-person conference and was met with retailer questions about a looming recession in 2023. We thought we’d tackle this topic by equipping our retailers with the tools they should sharpen to prepare for a hit to the economy—just in case.
We believe in small businesses and the power of community! Check out this compiled list of 5 action items small businesses can take now to feel more confident going into a potential recession.
1) Test your ad audiences now.
Facebook Ads require a certain period of testing before you get them just right. That being said, as soon as you find your flow with Facebook and Instagram advertising, they can bring in major extra revenue for your business and grow your community of shoppers.
There’s no better time than now to figure out your flow, and test your audiences for Facebook Ads. Is your best-performing audience your email list, a lookalike audience, your Facebook fans, a location-based audience? If you’re unable to answer this question, now is the time to test, so you’re not spending precious test dollars during a time when money can become tighter. Having Facebook Ads on your side before a recession can help you reach audiences in a time where in-store traffic may be slowing down.
2) Build your email/text marketing list.
We often hear that a social media audience is “rented” and email/text subscribers are “owned”. Audiences may follow and unfollow accounts over time, but having them subscribe gives you a more solid way to contact them directly vs hoping they see your posts on their algorithm.
Building a warm list you’re confident talking to (and selling to) is a great way to strengthen your revenue stream for a possible recession. To do this:
- Change your CTA (call to action) on social media captions to subscribe to your email list vs following you.
- Have an email pop-up on your website.
- Create social posts about becoming a text/email subscriber and the benefits received for subscribing.
- Create store signage prompting people to sign up.
- Ask for emails/phone numbers during checkout online and in-store.
3) Become a familiar face within your community.
Becoming a pillar of your community and staying top of mind are great ways to build a loyal customer base. If you’re able to get a healthy group of people regularly buying from you, it’s likely that they’ll continue their buying routines as best as possible during a recession.
People love buying from people, so start showing your face now on social media! Say your name and share more “behind-the-scenes” content to become friendly with your audience. This also helps niche your audience by building a group of loyal customers who will come back to you again and again, knowing you’re a reliable and trustworthy part of their community.
4) Lean into free tools now, and get on the good side of the algorithm.
Social media is free—completely and totally! You can easily post organically on social media and build an audience without spending a dollar, but what you do need to spend is quality time. Just as friendships require time and interest, growing a community online requires similar dedication.
Focus on engaging with your community online, replying to every comment and review you receive, and posting quality content on social media with a clear goal of being educational and entertaining vs only selling to your audience.
Learn more in our blog, “How To Get On The Good Side Of The Social Media Algorithm”, to become a social media algorithm pro!
5) Use Google Business Profile.
Start posting regularly to Google Business Profile to drive traffic to your physical location. This can help your Google ranking, so when people are searching for certain products and brands, your business is more likely to reach the top of the search results.
Here’s how we recommend building a post in Google Business Profile:
How is your business showing up in search results? Simply enter your website link to scan your business for free to find out!
What I Want You To Take Away From This Blog:
- Lean into free social media tools.
- Build your email and text subscriber list.
- Test your ad audiences now.
- Build a strong community on social media.
Okay, over to you…
If you’re feeling worried about a recession in 2022 or 2023, feel free to send us a voice note in IG DMs to share your concerns. We’d be happy to lend an ear and offer up any comfort or solutions we can share with you.
Now let’s say it again… We believe in small businesses and the power of community! We’ll get through this!