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Why You Should Amp Up Marketing in a Recession

Starting in May, a few clients contacted us to let us know they were receiving pressure from their investors to cut budgets in advance of the anticipated recession. This has proven to be very short-sighted advice and we were able to convince some clients this would be harmful to their long-term success.

While it may be counterintuitive to investors that tend to focus on ramping revenues and income quickly to invest in marketing in advance of a recession, in fact, augmented marketing should be the go-to strategy when organizations anticipate a downturn. Here are a few reasons:

  • Where exactly is the recession predicted in May? Their timing is way off. Yes, I know the stats, such as whenever inflation is above 4% and unemployment is below 4%, in the past, it has been the perfect indicator of an impending recession. “In the past” is the key phrase here. Our current economic environment is unlike any other. Thanks to multiple stimulus packages, consumers sat on $2 trillion in funds at the beginning of the year and as of this writing, they continue to sit on $1.4 billion. Despite inflation and recession talk, consumers are spending.
  • GDP has fallen the last two quarters, but the decline in Q2 was significantly smaller than in Q1, supported by exports and a smaller decrease in federal government spending.
  • It’s likely that your competitors are receiving similar guidance from their investors. This creates an ideal opportunity for you to gain greater share of voice with your prospects and to expand your engagement with existing customers.
  • Fewer competitors means prospects have a greater opportunity to hear your stories and value proposition. You have the opportunity to fill the void created by your competitors.

And here are a few strategies to think about to adjust your marketing activities when there’s a recession on the horizon:

  • Analyze how your customers and prospects are changing their product, sales, marketing and operations strategies and adapt your marketing activities with a focus on demonstrating your commitment to their success.
  • Focus in particular on content marketing, which will boost your SEO and assist with keeping your top of funnel full. Ensure tools such as keyword research are in place and optimized.
  • Target campaigns to your competitors’ customers. Research offers you can make to these organizations, which may or may not be based on price, that will lure them to engage with you.
  • Consider offering lower-cost versions of your products/solutions, so that customers that are struggling have an option to remain with you.
  • Don’t make dramatic changes to your business model. Customers and prospects will assume you are struggling and it may disrupt your engagement with them.

Recessions, real or perceived, create challenges, but also create opportunities. Use the data and analytic tools available to you today to take a new look at your markets, customers and prospects, and adjust your marketing strategy more effectively and faster than your competitors to maximize these opportunities.

Would you like to discuss how to leverage today’s economic climate or have questions?
Let’s talk.

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