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MARKETING TIPS THAT WORK EVEN WHEN CONSUMERS ARE FEELING THE CRUNCH

As the price of goods and services continues to rise, and salaries have not been raised to match inflation, many consumers are feeling the crunch. The Covid-19 pandemic disrupted our lives and affected many financially and although the worst has passed many people are still feeling the negative financial effects of the pandemic. Besides this, the South African economy is on the verge of entering another recession. Our economy has not fully recovered from the 2008 global recession and with major power cuts happening more regularly, we might end up back in a recession. But despite this, there are marketing tips and tricks that will still work in our economic climate.

The customer should be the main priority

To increase your client base, and keep existing customers, businesses need to ensure that the customer is happy and that they are getting value for money. Although many consumers are feeling the crunch, it has been found that consumers, specifically millennials, will pay higher prices for a better experience and product or service. This leads to the business getting good reviews and more referrals.

Businesses and brands need to ensure that the products and services they offer are of a high quality and worth the expense, as this is what consumers look for when cutting costs. Businesses and brands should also focus on providing good customer service as this will allow them to build brand loyalty and a connection with the consumer.

Improve your conversion rates

A business’s conversion rate can be calculated by dividing the engagement or number of conversions by the number of visitors a site or social media account gets. For example, if a business has 500 people subscribed to their e-mails and 150 people click the links in the e-mails, the conversion rate would be 30%. To maintain and improve conversion rates, businesses and brands should send out automatic e-mails to their clients. This form of e-mail marketing ensures that you reach out to your clients individually.

Focus on social media marketing

Social media can be used to reach audiences you usually are not able to reach in relatively simple ways. To take advantage of the opportunities that social media offers businesses and brands, there should be a social media strategy in place. Businesses should also post regularly to constantly engage with their audience. Businesses and brands can also use their social media accounts to direct customers and potential clients to their online store or website.

Content marketing

Content marketing is a popular strategy used to attract and maintain customers by constantly providing them with information that they need or look for. This form of marketing is used to reach larger audiences and to drive traffic, and eventually sales, to an online store. There are different ways to execute content marketing. One way would be to start a blog and constantly update it. A blog can be used to share information with your customers and other people who look up the topics in your niche. Blogs are always a way to build backlinks to the business’ website which would boost the search engine ranking. Another way to practice content marketing would be to post content that promotes engagement and interaction. This would improve conversion rates and drive profits.

Monitor progress

This is an important part of marketing as it allows businesses and brands to see if their marketing strategies are successful. Businesses can use a backend analytics tool that will track and show growth.

In Conclusion

Although marketers may find that consumers are less willing to spend money during these times, there are marketing methods and tricks that are shown to be successful. If businesses follow these mentioned tips they will surely see a profit and have happy customers.

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Set Yourself Up for Success in 2024 with a Short Course from the IMM Institute

As we are in the final month of 2023, it’s an excellent time to ponder what we’ve achieved over the past year and consider our goals for the upcoming year. The year 2024 holds the promise of fresh opportunities, personal development, and career growth. If you’re looking for strategies to position yourself for success in the coming year, one effective option is to explore the offerings of IMM Institute’s short courses.

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WINNERS ANNOUNCED FOR 2023 IMM MARKETING EXCELLENCE AWARDS

Johannesburg 9 November 2023 | The IMM Institute South Africa (IMM) is pleased to announce the winners of this year’s IMM Marketing Excellence Awards. The winners
received their awards at a gala dinner held at The Venue in Melrose Arch last night, 8 Nov 2023 as part of the 2023 IMM Marketing Conference.

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