How to Grow Your Business Despite Consumer Uncertainty 

How to Grow Your Business Despite Consumer Uncertainty 

When wallets tighten, consumer loyalty takes a nosedive. The good news? It's a golden opportunity to attract new customers and grow your business. Learn how with our expert guide.

Test

Published

21 March 2024

Categories

Marketing

Acquisition

Strategy

Young couple calculating bills in cost of living crisis

Flipping the Script on Your Business Growth Strategy

As we all ride the rollercoaster of these “interesting times”, it’s no secret businesses are facing unprecedented challenges. With the increased cost of living, AI takeover and cookieless browsing just around the corner, everyone is holding on tight.

In the midst of all this change, one question looms large:

How can your business grow when everything seems so uncertain?

The answer lies in a commitment to acquisition and strategic marketing.

Seizing the Moment

It's simple really: without new customers, growth stalls.

In times of shaky consumer confidence and stagnant spending, it's important to realise that the fight for growth is more intense than ever.

The winners will be those who are bold enough to invest in their marketing strategy, rather than playing it safe by cutting back.

Challenging the Status Quo

Contrary to popular belief, reducing ad spend doesn't necessarily protect your ROI, in fact, it can actually hurt your market share.

In a market where growth is flat, your focus should be on gaining market share by understanding how to attract new customers and expand your reach.

Take Bunnings for instance. The hardware giant recently unveiled their biggest product launch in 20 years, expanding into the pet market and adding over 1000 products to their existing range. This bold move paid off, with product extension now a major pillar of their strategy.

Bunnings new pet range

Conquesting: The Key to Business Growth

In a world where brand loyalty is waning and competition is fierce, conquesting is a powerful marketing strategy for growth.

While retention will always be important, most customers are light buyers and their loyalty only accounts for a small fraction of sales. As consumer habits change, your brand needs to change with them and failing to attract new customers can lead to a decline in sales.

The good news is that shifting priorities among consumers creates new opportunities for acquiring customers. From extending campaign lengths to exploring new audiences – doubling down on your marketing strategy can lead to significant returns on investment and set you up for long-term success.

Why Amping Up Your Ads Spend Makes Sense

To unlock new opportunities for growth, businesses need to be open to exploring new ideas.

Beyond targeting the same old demographics, exploring new audiences, re-engaging with lapsed customers, and even poaching customers from competitors can lead to big gains.

By thinking outside the box and trying new strategies for attracting customers, businesses can position themselves for success in the future.

Business Lead And Customer Generation Magnet Pulling Figures

Meeting Customers Where They Are

In a world where attention is divided, it's important to be present across multiple channels.

To not only make sure your business is front and centre but to keep potential customers engaged and interested – you need to be willing to try new strategies and adapt to changing trends.

Whether it’s popping up in their feeds with new social media ads or developing content that attracts new demographics to your site, by reaching customers where they are, you can increase your chances of being noticed and remembered.

Conclusion

In conclusion, there's a whole army of "disloyal" customers ripe for the picking but you need to be bold enough to take advantage of the situation.

By increasing your marketing spend strategically and exploring new avenues for growth, businesses can position themselves for success in the ever-changing digital landscape.

The dog and bone.
Subscribe and be the first to hear about news and events.
Test

Written by

Tahlia Reynolds
The dog and bone.
Subscribe and be the first to hear about news and events.
View our last posts
Indago team laughs around table while making ravioli at Italian Cooking School in Marrickville

Dough & Drinks: Indago's Epic Quarterly Team Event

Kara Liu - 2 min read

Google I/O 2024: The AI Extravaganza – A Marketer’s Recap

Tahlia Reynolds - 9 min read
Google Universal Analytics arrow to GA4

How to Overcome Universal Analytics’ Sunset & Looming Shutdown

Preet Singh - 5 min read
Team members thinking together
Get in touch
Ready to get the ball rolling? Drop us a line.
First name*
Last name*
Email address*
Phone number*
Company*
Your message