Marketing in a Recession
Recession, slowdown, layoffs - these are words we don’t like to hear. We naturally expect that things are always improving, never taking a break on the upward trend we all love so much. But the reality is, things are cyclical, always going up and down (markets), in and out (styles and colors).
The key is to decide you will do whatever it takes to weather the storm, and make certain you (personally) and your business (you and your staff) come out the other side stronger, more focused, and more in tune with your business and your market than when you started.
One thing has been documented for decades: those that are able to maintain or increase their marketing efforts during a slowdown in activity (call it whatever you like; the ‘R’ word, oooh, scary), will most certainly recover faster when things do turn around (and they will, eventually), increase market share during and after the recovery, and increase profitability during and after said recovery.
Whether the government says we are in a recession or not, is not relevant for this discussion; your market or your product may be in a recession. Watch what is happening around you; when others are cutting back, closing storefronts, downsizing; this is the perfect time to claim their abandoned market share.
Utilize as many free (or nearly free) marketing opportunities as you can. The internet offers great leverage in this environment, since your website works 24/7 for a fixed cost. Make sure you are doing everything you can to maximize your website’s performance at this time. Email marketing is also a great tool to use (you have been capturing your client’s email addresses, haven’t you?!), since you don’t have to pay postage to send them a note and a link to your cool and powerful website.
And if you still have marketing needs in the traditional world (magazines, newspapers, etc.), you have more leverage now to pick up premium placement at reasonable prices, since you are still committed to playing the advertising game!
How about a blog? Start writing great articles, become a visible and well known expert in your field. Tell the world (and your customers will notice); it will drive traffic to your website, and contacts to your database.
But most of all, I want to leave you with a borrowed thought:
Be concerned, but stay objective;
Be calm. Use facts. Make plans. Stay balanced.
Leave emotion aside and stay focused on your business.
President / Head Cheerleader
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