The great recession of our time peaked 10 years ago, but many are still feeling its wrath today.
The truth is, if you’re running a business, turndowns are inevitable. The next looming recession is kinda like gravity—an invisible force, but we know it’s there. As the saying goes, “what goes up, must come down.”
But there are certain things you can do to make triple sure you’re armed and ready for the next one.
If you recession-proof your business the right way, you’ll sail through the storm head on, navigate your way through every relentless wave, and emerge even stronger than ever before.
So where do you even start with recession-proofing your business?
If there’s one thing you need to focus on (and even ramp up your efforts), it’s marketing.
That’s right. Don’t be so quick to say goodbye to marketing because it’s VITAL to the existence of your business, especially during lean times.
So let’s dive deeper into why you need to stay the course with your marketing.
1. Buying decisions change, but people are still buying.
When there’s a recession, the whole world doesn’t completely stop buying. Instead, buying habits change, and what people really need changes.
Your business needs to know what your buyers are thinking to stay in the game. Then your products and services need to be front and center, served up on a silver platter, so they’re simply irresistible.
For example, everyone still needs to eat, or make a trip to the doctor’s office regardless if there’s a recession or not, right?
The only difference is when, how, and what people are going to do when they’re strapped for cash. Getting inside your audience’s heads will help you make calculated guesses at their next move.
Because when you show up first in the ring, and people realize you’re the solution they’re looking for, you don’t need to fight the competition per se if the crowd has already chosen you as the winner.
So it’s super important to get your name out there, especially during the tough times. Because if your existing clients or customers disappear, and cash flow dwindles and dwindles, you’re marketing efforts will be in a pickle too.
And we both know that without strong inbound or outbound marketing, you aren’t going to attract winning clients. So in the face of hard times, remember to step up your marketing efforts.
In fact, even if things are peachy-keen and rolling along better than ever, it’s STILL important to keep up the marketing (this is our bread and butter by the way, it’s what our Zonion tribe was made to do).
2. Repeat customers are your best customers.
Hands up if you agree! Why go through all that schmoozing all the time? Not that we don’t love this part, because we can’t say no to a bit of bubbly!
But when your mission is to keep your business afloat, it’s a better idea to save the bubbly for another day. Instead, take a look at your current customers and work on those relationships first.
These customers already know about the awesome stuff you can do for them, and they already trust you.
Now, remind them why they need you, why you’re the best business for them. If what you offer is the most cost-effective, remind them you’re still the most affordable choice even during a recession.
Or, if what you offer is on the premium side, remind your customers about the amazing value they’re going to get out of your products or services.
We know it’s tempting to simply slash your prices, but this will only hurt you in the long run since it’s not sustainable. Instead, transform your marketing message, get your brand story out there, and shine a spotlight on the incredible value that you offer.
And if you need a hand with any of this right now, reach out to our Zonion team! We’re always here to help no matter what the economic landscape looks like.
3. Look around for new opportunities and expand your client base.
Now, say the worst of the worst happens and a recession costs you your best, most valuable clients or customers. Uh-oh, right?
This is exactly the situation you want to avoid. At. All. Costs.
So what can you do to stay far away from this catastrophic situation? Stay the course with your marketing efforts so those new potential clients are always visible in your rearview mirror.
If you aren’t converting your target audience, switch gears with your offers and find a new audience. Reinvent yourself if you need to in order to survive, but if you play your cards right ahead of time, you’ll be saying to yourself, “what recession?”
Because if you work hard enough on your marketing and ensure your business is a hot commodity in your industry, people are going to need you in good times or bad.
Instead of opting for your emergency “bomb shelter” or going into hibernation mode, be courageous in the face of hardship and let everyone know you’re here for them and here to stay.
Spread your wings, create your own blanket of security, and expand as much as possible. Even if cash is tight, with a solid marketing and advertising strategy, you’ll easily get your ROI after you land those new customers.
And in business, your customers and fanbase are everything, right?
So if you’re gonna prosper even when times get tough, don’t give up on your marketing.
If you set yourself up for success ahead of time, you’ll be in a good position to continue what you’re doing. Meanwhile, your competitors will be scrambling and may even look to you for advice.
The thing is, always be marketing no matter what the bank account looks like.
Are you ready to recession-proof your business with a marketing strategy designed uniquely for you? Talk to us now and let’s get started!