Danny White is the CEO of DW Creative Consulting . DWCCA provides digital marketing services to small and medium businesses and large enterprises.
According to the International Monetary Fund's October 2022 World Economic Outlook, global growth is expected to slow from 3.2% to 2.7% in 2023. This leads many to expect a global recession in the coming months. come. For many businesses, this may seem like a very bleak prospect for the new year. But is it worth it?
When fear of a recession begins to affect our day-to-day decisions as business owners, your first thought may be to cut costs and disrupt your originally planned initiatives and efforts. Having worked for myself in marketing companies over the years, I have seen marketing often at the top of the list of things to drop. But it doesn't always have to be like that.
Marketing is a need, not a want.
For marketers, the approaching recession is an opportunity to revisit our marketing strategies, rebalance team efforts, and redefine how we connect with long-term customers. Although we cannot control the ups and downs of the global economy, we can change our strategy and adjust the way we promote our products and services to weather the storm.
Marketing is often seen as a talking point. But in a world overwhelmed by mainstream advertising and overwhelming information, keeping the noise down is more important than ever. Think: How does your prospect know they'll be coming to you forever to get what they need?
Two keys to a recession-ready marketing strategy
When it comes to your marketing strategy, it's important to change, not give up. Well, if your marketing budget is bloated to begin with, there's no doubt that you need to reduce it. But if you remove it, you will only lose the ability to keep any winnings earned up to that point. Therefore, it is important to focus on two main strategies.
1. Keep it simple.
Recessions are a good time to find ways to simplify your marketing efforts. Learn new ways to calibrate your approach, but be sure to stick to the best work from the last 6-12 months or so. Add a few related experiments that you will be A/B testing on in the coming months. So focus your attention on a grip that gives you the best performance.
Just as any savvy investor is likely to reallocate funds to their investment portfolio during a recession, marketers would do well to reallocate their budgets and resources in a market where buyers tend to have more control over their money. You will only be returned if you completely unsubscribe from marketing.
2. Take advantage of market downturns.
If your competitors decide to jump ship and leave the market (and some of them will), this is your chance to attract a new audience.
It's easy to abandon a tutorial that no longer works. But successful marketers will be creative and find ways to develop a new approach. For example, if you have a lot of content, you need to develop a retargeting plan. Update old content or convert it to a new format, such as a podcast, infographic, or video, and take it to a new market. Whatever you think, the brochure of the future will be the one you create in times of uncertainty.
The discipline and consistency you develop around marketing strategy and execution during an economic downturn will serve you well when the economy recovers. When buyers don't know what to expect and other companies stop their efforts, future marketers will lean on those frustrations. This will help them develop and retain customers and become long-term role models.
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