There has been a lot of speculation in the media about whether there will be a recession in the coming. year.
I’m no stranger to recessions – I have been continuously in business through six or seven of them. Among other things, I’ve learned that giving too much attention to all the what-if drama can be self-defeating.
I’m not saying put your head in the sand, but I do think we can do a lot to create our own reality, and that opportunity is out there even in the worst economies. Yes, things may change dramatically in the coming months, but barring a full-on apocalypse, business will still be done.
And some of it can come my way and yours if we put our value out there intelligently. Which brings me to:
Don’t Stop Marketing
In previous recessions, a common response I’d hear was “Marketing? Forget that – I’m having a hard time making payroll!” A more constructive attitude is “I need to bump up my marketing so I can keep/get more clients!” This is because when you stop promoting, things get harder, not easier.
Of course costs are important, but you can get the word out without selling off your firstborn. When was the last time you reached out to your clients? Chances are they’d appreciate knowing how you can help them solve their problems, which is why they do business with you.
There are many options for proactive communications: social media, blogs, email marketing, giving presentations, etc. This newsletter helps me stay in touch with clients and colleagues and (hopefully) provides useful information.
Another aspect to consider is market share. If your competition is focused on cutting costs and stops marketing, that creates an information gap that you can fill if you DON’T cut yours. This will give you an opportunity to increase your share because your competition will be showing up less in outreach spaces.
Not marketing is an effective way to tell your audience that you don’t want any business. Don’t be that business.
A time of uncertainty is not a good time to go dark, but it is a good time to try new things. You can keep your name and brand out there while re-discovering what works. If you’d like some help, reach out to me and let’s talk.