I’ve written before about what marketers and business owners can do in rough markets. Considering we never know what the winds will bring, I figure I should trot out that piece and run it again. Meanwhile, I came across someone else’s ideas on the same.
I liked it so much, I just want to share a little of it here.
Here are some of the highlights, from writer and marketer Ed Adkins…
- Don’t cut your marketing budget. Shuffle spending instead and pick up the slack created by panicked competitors.
- Be ready to justify each expense in your budget. Companies and clients are looking to cut back. But once budget elements get lost, you might not get them back again.
- Keep on networking. This is the time to keep business relationships strong. The same goes for shoring up relationships with your most loyal customers. Reach out to them and acknowledge the rough time they’re having.
- If you’ve got the resources, use this time to snap up new advantages that your weakened competitors will neglect.
- Use this time to speed up your workflow and become more efficient. This pays double dividends when things start to speed up again.
- Change your marketing message to reflect the times. For instance, you might focus more on family, friends, and stay-at-home activities.
- Don’t permanently slash prices. Instead, create special sales events and bulk discount deals. This lets you go back to business as usual during a rebound.
- Re-visit what counts to your business. During fast growth, it’s easy to lose sight of the roadmap that got you started. During slow times, it’s vital to revive your core ideals.
Great ideas, all of them.
Yes, tricky times are here. No, they won’t last forever. But you and your business can, with just a little bit of foresight to see you through the storm.
If you like the teasers above, check out this site, where you’ll find lots of ideas on recession-based marketing and business strategy.
Last modified: May 17, 2020