As we enter the second half of 2022 it is becoming more and more apparent that there is a global recession on its way. A recession is scary for anyone, especially business owners who’s jobs rely on people having money to spend. For business owners the best way to guarantee surviving a recession is to prepare for it; and what's the best way to prepare? Position your product or service effectively in the marketplace. A recession is not the time to expect to gain new customers, but it doesn't have to be a time where your business loses customers either. Business owners should connect with a digital marketing agency, such as PPL Labs, to develop cost effective strategies that will help preserve businesses in the upcoming recession.
A cost effective way to market to a large yet specific audience is Facebook. Facebook is a great place to reach older millennials and Gen Xers in specific demographics and psychographics. According to Facebook the average U.S. user is “40.5 years old”, if this is similar to your brand's average target market age, Facebook is a great place to launch a campaign. Below are three Facebook ad strategies that businesses can follow in 2022 to prepare for the impending recession.
1. Family values Strategy
In times of economic downturn, consumers will turn to more traditional American values. This includes values such as family, religion, and community. By advertising your product or service with these values at the center of the campaign you will connect with your target market and build trust with them. In a recession consumers do not want to be advertised to with ideals such as following one's dreams or changing the world. They want comfort and stability which they find in these traditional American values, and thus your brand.
2. Treat yourself strategy
In times of economic downturn many people feel guilty spending money on ‘treats’ such as workout classes, manicures, or home design updates. This is where the treat yourself strategy comes into play. Position Your brand as an understanding friend who encourages the consumer to buy your product or service. In this strategy it is also important to highlight sales or price drops as it will make the overwhelmed mom or the stressed out dad feel less guilty about the purchase.
3. Essential item strategy
Lastly is arguably the most important strategy as no matter what tax bracket a person is in, essential items are, well, essential! But how can a gym or a spa be essential? This can be done in a few ways. The first is to explicitly say in facebook ads that your product or service is essential to the wellbeing of consumers. The second is to imply it with language such as “you must help yourself before you can help others” or “you must feel your best to be your best”.