Marketing in this post-COVID era is already challenging as it is, but the looming threat of an economic recession brings a new level of fear and uncertainty to different sectors of the floral industry.
According to both CNBC’s latest Fed Survey and economists at John Hopkins University, the chance of a global recession this year has shot up to 80%, showing that it’s no longer a question of “if,” but “when.”
During times of economic stress, it can be tempting to cut expenses that don’t show an immediate ROI — and the marketing budget is usually first in line on the chopping block.
But this knee-jerk decision could be harmful to your floral business in the long run. Not only will it cut off communication with your customers, but it will also create a competitive advantage for other companies.
Rather than cutting your budget, analyze instead how your customers spend and get adaptive with your budget allocation. The right marketing strategy combined with brand innovation can be the difference between success and failure in a tight economy.
If you’re looking to fine-tune your marketing budget for these challenging times, here are a few tips to help your floral business not only prepare for the worst but also come out on top.
The internet is a cheaper platform to advertise your business compared to television, radio, and print media, so it’s an excellent place to spend when times are tough.
And the truth is, the demand is there. In 2023, online flower shops in the US market are expected to grow by at least 4.5%. So it’s only a matter of meeting your customers where they shop.
For instance, moving your budget from higher-cost print advertisements to pay-per-click (PPC) ads can help increase your visibility instantly, but at a more affordable cost since you only spend money when someone actually clicks on the ad.
PPC ads are also more flexible and measurable, since they can be tweaked to reach a specific group of people — a great resource for smaller flower shops and businesses to save money on expensive tracking tools that reflect sales and ROI.
You might think that hiring an agency is expensive, but when you break it down, it will actually help you save money in the long run.
When you work with the right agency, they can help you build or change your overall marketing strategy to help you get leads and turn those leads into customers.
Since agencies have lots of experience dealing with a variety of marketing channels, they can help you find the most cost-effective platform to reach your target audience. They also have access to all the latest software and tools that you most likely don’t have in-house.
And because agencies have a diverse skill set across different aspects of digital marketing — like SEO and graphic design — you’re able to get partial support for all your marketing needs at a cheaper cost than paying for each of those services independently.
Social media is no longer optional when it comes to marketing. It’s one of the most effective ways to break geographical barriers, reach your customers, and grow your brand without having to spend a fortune.
Using more than one channel can help you get more leads, but this strategy will only work if you have enough money to keep up with a marketing campaign of that size. To save time and money, the trick is to spend the majority of your energy on the social media platform that works best for your business.
And since flowers are very visual, you should focus on the three platforms with the most visual content: Facebook, Instagram, and Pinterest.
Organic traffic is the golden nugget of floral e-commerce.
SEO is one of the most cost-effective ways to market your floral products online because it targets people who are already looking for them.
Unlike other types of marketing, where you have to keep spending money to maintain an online presence, SEO is a long-term solution. By making your website more SEO-friendly and getting more traffic, you can slowly build up your search engine rankings, which will help your business for years to come.
In the midst of economic downturns, we know that your spending matters.
At Above All Flowers and New Bloom Solutions, we have a team of experts in the floral industry who are more than ready to help you with marketing, consulting, and business solutions that are both cost-effective and will help you connect with customers and spread the word about your brand. If you want to learn more about growing your business while reducing costs at the same time, don’t hesitate to reach out to us.