Cutting back on marketing is like rolling out the red carpet for your competitors.And the worst part? The damage doesn't show up right away; it's a slow burn that hits you when you're already down.
Now, I know the mainstream media is all chirpy about a 'soft landing' all of a sudden, and how a recession is as likely as snow in July. But let's not get carried away. There are plenty of signs pointing to a rougher ride ahead, and it pays to be prepared. So, if a recession is on the horizon, now's the time to get your ducks in a row.
So, let's dive into how you can not just survive but thrive through the four stages of a downturn.
1. Before the Storm Hits
First things first, make sure you're strong where it counts. Bottom-of-the-funnel channels that you rely on today are likely to dry up. So if you're reliant on Google Ads for example, you need to start diversifying. Strengthen your top-of-the-funnel email marketing, thought leadership, and good old PR. These are your lifelines when your leads start to fizzle out. And hey, if you're thinking of cutting costs, do it now when times are good, not when the going gets tough. Just remember, cut costs, not investments (marketing is an investment, in case that wasn't already super clear!).
Look at what you offer that's recession-proof and start shouting about it from the rooftops.
And remember to plan for every scenario—no recession, a mild one, or a full-blown economic storm. That way, you're not just reacting; you're two steps ahead.
2. During the Storm
If you've done your homework, this is the time to stay the course. You've built a strong brand, and people are still interested in what you've got. Use your profits wisely to keep your voice out there and be a rock for your clients. Trust me, they'll remember who stood by them when times were tough.
Also, consider this the perfect time to work on the internal stuff. Brand, sales pitch, evergreen content, and conversion rate optimisation.
And remember! Maintain your share of voice at all costs. The pain of not doing so won't be evident for a full year by which time it's too late.
3. The Recovery Phase
As things start to look up, don't jump the gun. Your clients will need different things at different times, so let them come to you. You've built up trust and probably taken some market share from the competition that didn't make it. So, play it cool.
To suddenly start pestering them for business will undo all the goodwill you earned during the downturn.
4. Back to Business
Once everything's back to normal, you'll find yourself in a pretty sweet spot. More people will know about you, and those leads will start rolling in, in higher numbers. Furthermore you'll be stronger and better prepared for whatever comes next.
What If the Sky Doesn't Fall?Well, if the recession turns out to be a no-show, you're still in a great place. You've trimmed the fat, focused on what matters, and you're ready for whatever comes your way.
So, there you have it—a plan for every twist and turn the economy might throw at you. If you'd like support in preparing your strategy for every eventuality, you know where to find me.
