The Marketer's Playbook for Retaining Customers and Bringing in New Ones — Even During a Recession If your marketing team hasn't experienced an economic downturn before, make sure they head into it with the following playbook.

Marketing is crucial for any business. But making your marketing more effective, especially in the face of a volatile economy, can present challenges. For the busy entrepreneur, understanding how to navigate economic swings can mean the difference between thriving, struggling or even shutting down.

Here are a few tips that can help marketers of all varieties get more for their money. Most importantly, these ideas can improve customer retention, bring in new customers even during an economic downturn, and more.

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Recession on the horizon? Here's how to prepare

The GDP has seen drops in recent quarters. Inflation is rising fast and companies are laying off workers. There's a lot of economic uncertainty, no matter where you look. For the marketers on your team, it's a tough time, but preparation can make all the difference.

There are two ways, in particular, that can prove beneficial. First, focus on word-of-mouth advertising. Any business can invest in marketing, but there's perhaps no better tool than having customers market for you. Customer reviews can be one of the most effective tools your company has. Make sure to get as many of them as possible, and ask pointed questions whenever you can. You're doing all of this in the name of creating a positive reputation.

The second thing to do is invest in ways to retain customers. During times of economic volatility, losing customers can set you on a dark path. The goal should always be to add new customers, but repeat clientele is the lifeblood of a business. This is especially true since it's often cheaper to hold on to existing clients than to convert new prospects.

Find ways to add value to your offerings. Improving customer support or creating social media support groups can prove valuable to people using your product or service.

Related: 7 Ways to Tweak Your Marketing & Sales Strategies for the New Economy

Invest smarter in acquiring new customers

Developing leads and bringing in new customers is vital, no matter the fiscal landscape. Whenever you can do those things without incurring significant costs, it becomes a sounder investment in the long-term health of your company.

Here are some key ways your business can invest soundly. For starters, search engine optimization (SEO) is simple but effective. When you reach your target audience in crucial search engine results, you're ensuring a better chance at business growth. Consider investing in a quality consultant — or a professional firm — to build and plan strategies that will bring more potential customers to your site.

Another sound way of investing in acquiring new customers is to make your processes more efficient. For example, invest in lead generation software. All too often, marketing teams spend extra time and money chasing leads when the right software can make the process far easier. Any tool that consistently finds prospects is hugely important for your bottom line.

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Measure your spending

Far too many businesses invest in marketing without considering what the true return is. For example, it might be nice to have physical advertising space visible in your local area, but you can't always measure the return on that.

Digital advertising, particularly ad campaigns, can be more effectively measured. You can see trends, determine weak and strong points and make necessary changes to ensure you're getting the most from your marketing dollar.

Determine the return on investment (ROI) so you can put numbers into the dollars you spend on campaigns. A popular formula for this is by taking the sales growth for the campaign, subtracting the marketing costs and dividing that number by the marketing cost. So for example, if your sales grew by $2,000 and the campaign cost $200, then your ROI is 900%. This is a crucial baseline tool for determining the effectiveness of your marketing.

Related: Looking to Hire a Marketer? Here's Why You Should Think Twice.

Spot the trends

While every business owner would love to exist in a world of nothing but prosperity, that's not our economic reality. The best companies are the ones that prepare and adapt on the fly. As the adage goes; hope for good times, but prepare for the worst.

Think about all possible scenarios. Research how economic trends may evolve in the coming months (or years) and discuss with your team how those trends may influence decisions you plan on making. Marketing is changing all the time, and being able to recognize trends is a game-changer. Considering the best and the worst possibilities gives you a better chance of weathering any storm should it arise. More importantly, this will help you acquire customers even when the worst of times have come.

One need look no further than restaurants during the pandemic. Shutdowns hit them hard, with many closing their doors quickly. But not every establishment suffered. Some managed to thrive because they adapted. Many re-focused their business on accommodating delivery and pick-up orders until people began to show up again in person. Others changed up their menus, making them more comprehensive and easily accessible. Some ran specials or did advertising to let people know they were open.

The point is, when entrepreneurs take advantage of emerging trends, it keeps their businesses alive. Your marketing team can do the same, whether it's influencer marketing, TikTok and other social channels, video marketing or artificial intelligence (AI). Stay on top of trends to stay competitive.

Related: 6 Ways to Determine if Your Content Marketing Team is Delivering Results

Take your time and consider carefully

Marketing your business effectively is a challenge, even in the best of times. Economic volatility can make it even harder. Taking the right steps ensures your business is in the best position possible.

Regardless of if you're preparing for a recession, making investments in the future, keeping an eye on new trends or working to get great ROI, some measures can prove effective. Take time and consider carefully to determine the best course of action.

Related: 5 Things to Consider Before Hiring a Marketing Consultant