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Business Strategy: Is Your Business Recession Proof?
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For many business owners, the mere mention of a recession can cause panic and anxiety. Historically, this fear of the unknown has caused many business owners to scale back on different self-serving parts of their business such as marketing and advertising in an effort to cut operating costs. Many who decide to do so may feel like they are making a wise decision, when in reality, they are not.
In July 2022, a survey by Goldman Sachs reported that 93% of the small business owner respondents felt anxious about a recession in the following 12 months. However, 65% of respondents in the same survey indicated that regardless of a looming recession, they were still optimistic about their businesses’ financial future that year. It is this optimism, coupled with practical safeguarding, that can keep your business recession proof.
Keep Your Marketing, Help Your Business
It is no secret that during a financial crisis people spend their money differently. Even before a recession actually begins, products and services that are not considered a necessity lose their significance in both consumers’ and business owners’ lives. This causes businesses to make the decision to ditch their marketing efforts. While it is good to prioritize what your business needs, not adjusting your marketing strategy could be part of your downfall. An article by Forbes.com cites a McGraw-Hill study that showed businesses who chose to continue with advertising, during the recession of the 1980s, benefited from their decision while those who chose not to suffered the consequences.Strategize and Maintain
While many of your competitors reduce or completely rid their business of marketing efforts, keep yours steady. Being more strategic with your marketing does not necessarily mean spending more, it means adjusting your efforts. If you know a recession is pending, get ahead of the curve and into the minds of consumers; ask yourself:
- How can my business provide a sense of security for my customers before and during the recession?
- What messaging ideas convey support for my audience while also motivating them to spend money with me?
- Do I need to make adjustments to my ad spend? What channels are benefitting me more than others?
- Where is my audience? Google? Facebook? – Find where your audience is and place more emphasis there.
On a positive note, a recession does offer you some benefit. For example, your competitors might be reducing their marketing budgets, this is the perfect time to capitalize. When your competitors reduce funds in vital marketing services like SEO, capitalize and watch your business climb the search engine ladder as long as your efforts stay steadfast.
Stay in Touch with Your Audience
According to Optimove.com, you are likely to pay five times more acquiring new customers than you are by retaining current customers. While it is true that you can boost your customer base by acquisition efforts, retaining existing customers helps to maximize your sales. Research from Harvard Business School suggests that small increases in customer retention can boost sales by at least 25% and up to 95% in some cases. Here’s a breakdown according to the customer retention experts:- Consumers spend about 67% more if they are part of a loyalty retention program
- A little over half (50.5%) of Millennials are loyal to their favorite brands
- Companies in the US lose out on about $137 billion per year because of avoidable customer loss
Let’s Protect Your Business Today
The sad truth is that recession waits for no one. That being said, it is vital you take the necessary precautions to protect your business with strong marketing strategies. If you’re unsure of where to start or would like to beef up your efforts, contact us today to schedule your free consultation! Our team at Key Concepts Marketing is here to help and can’t wait to help recession proof your business.
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