Blog post by: Hadley Vertz, Baer Performance Marketing Intern
The last year has been a struggle for families all over the world due to COVID-19. Jobs were lost, and finances have been a problematic area in many lives because of it. These hardships may have caused your business to see a decrease in sales. So, how can you grow when so many people are struggling financially? Here’s how you should market to those on a budget.
Prioritize your value proposition
Those on a tight budget will only spend money on things from which they can significantly benefit. Therefore, the product/service should help them improve the quality of their life, save them time or money, or solve a common issue. Showcase these points when marketing the product/service, and elaborate on why consumers need it in their lives.
Add discounts and sales
One of the most obvious ways to appeal to those struggling financially is to offer discounts and sales. Doing so will persuade potential customers to choose your product/service over a competitor’s because you’re saving them money. In addition, sales and discounts are a great way to attract new customers who might end up loving your product/service and return to your brand later. Also, consider adding a rewards program to keep the momentum going. Doing so will allow consumers to feel that every penny spent is inching them closer to a reward.
Differentiate your business from competitors
The internet makes it easy to compare prices and reviews. With this information at your fingertips, it is now more important than ever to differentiate your brand from competitors. Marketing your brand to showcase high-quality products/services at low prices is a great way to attract customers. However, price is not the only thing people look at. This is why you should market other unique qualities of the product/service you’re selling with which competitors can’t compete.
Need help marketing your brand during unsteady financial times? Baer Performance Marketing specializes in a wide range of marketing tactics that appeal to people in all financial situations. Learn more about BPM by contacting us today!