How To Best Use Your Marketing Dollars in 2023 for Your Franchise Business

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Sponsored content by Thrive Internet Marketing Agency.

 

The looming risk of economic recession can be tough on franchises. With more consumers cutting back on expenses, all business owners have to prepare for a possible decrease in revenue. One way of ensuring steady business to mitigate the effects of a recession is by reexamining your franchise digital marketing strategy and seeing if the marketing strategies you’re using are worth bringing into 2023.

Marketing in a recession is crucial because it’s what keeps you visible and relevant online. On top of the natural evolution of how users explore the internet, your franchise marketing strategy should also consider which practices are likely to maximize your desired user actions and turn website visitors into revenue. Not all marketing trends in 2023 will provide the same results, so what are the best ways or the best areas to focus on for franchise digital marketing?

Optimizing for Mobile Devices

Back when internet access on phones was still relatively new, users who couldn’t make a purchase or book an appointment on their mobile devices would simply switch to their desktops or laptops to complete their transactions.

Today, with more users expecting fast results at their fingertips, few have the patience to switch. Instead, they’re likely to find others – your competitors – who can provide better mobile access.

Website traffic and user visits from mobile devices have overtaken those who browse the web through desktop computers. If you want to gain those leads or attract new business, your website needs to be accessible and easy to navigate for all types of mobile devices.

Consumer Reviews and Reputation Management

Having an active presence on review platforms like Yelp or Google Business Profile help your franchise marketing strategy connect with your ideal customers that are harder to reach with traditional franchise digital marketing methods. What customers say about you may be what sways users into taking that next step and converting into paying customers. In fact, around 93 percent of consumers claim that online reviews swayed their purchase decisions. With statistics like that, it stands to reason the impact of consumer reviews on franchise brands is likely to continue in 2023.

Good reviews will sing praises for your business to other potential customers. But what about negative reviews? It ultimately depends on how your brand publicly handles negative feedback. Rather than ignoring bad reviews, responding to them properly can mitigate the impact a negative review can have on potential customers.

After Sales Marketing and Repeat Customers

Did you know that it costs five times more to attract a new customer than to retain an existing one? While an ideal franchise digital marketing strategy should focus on both new and existing customers, don’t forget about making sure those who already made a purchase are retained to generate repeat business.

Studies published by management consulting firm Bain & Company found that simply increasing your customer retention rates by five percent can increase your profits up to 95 percent. This means that if you want to make the most out of your marketing efforts, you should look into nurturing your relationships with existing customers. Strategies like after-sales customer service, email marketing, newsletters, and promotions for future purchases can go a long way.

Marketing in a Recession: Is It Still a Necessary Budget?

Talking about the different ways of maximizing your dollars on marketing trends in 2023 begs another question: if a recession does come and requires businesses to tighten their belts, why not just skip marketing altogether?

Marketing is still an essential part of your business operations. Rather than avoiding marketing completely or cutting your budget, you can innovate and focus on the effective marketing trends in 2023. Consider the following:

  • Customers will change their spending habits. Existing content marketing strategies you have may not cater to the modified spending habits of your consumers adjusting to a recession.
  • Brand loyalty has more significance. Customer retention is a cost-effective marketing solution that reaches out to existing customers. More consumers are likely to stick with brands they can depend on.
  • Your competition will take the spotlight. While your marketing efforts have stopped, your competitors can expand their reach and get a bigger marketing share through their own marketing efforts.

Gain the Marketing Flexibility to Weather a Recession with Thrive

The year 2023 will be full of uncertainties. But for franchise businesses, using effective marketing strategies can mitigate the effects of a possible recession. Prepare your business for the changes to come, and your business could weather the economic downturn ahead.

Thrive Agency is a digital marketing agency that focuses on results. We’ve delivered proven results with our strategies for franchising clients. Let us create a customized marketing strategy that maximizes your marketing dollars. Get in touch with us today for a free consultation for our digital marketing services.

About the Author:

Justine is content writer for Thrive. She started her digital marketing career in 2016, juggling her role as a freelance content writer with her literature degree. Since then, she has gone on to write different forms of online content for international SMEs and local corporations in the Philippines in various industries. She specializes in traffic-driving articles, keyword research, and technical writing.

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