As everyone grapples with the changing economy, many business owners are beginning to worry about what to do in the event of a recession. You may think the first thing to do is slash budgets and cut out “unnecessary” marketing tactics, but that couldn’t be further from the right thing to do. If you aren’t sure how to tackle marketing through a recession, it is not too late to successfully redirect your brand!
Marketing in a recession can be difficult for all industries, and the manufacturing and tech industries are no exception. You may be getting ready to cut back on marketing in order to focus on the “core” of your operations, but what you may not realize is that your marketing strategy IS the core of your brand and serves as the foundation for success. You are probably thinking, “So what SHOULD I be doing to recession proof my business?” And we have the answers for you in our guide: Recession Proof Your Business: 7 Marketing Secrets.
It’s been proven time and time again that businesses that increased and maintained their marketing budgets through economic downturns saw higher long-term profits than those who did not. You already know not to cut back on your marketing, but that does not mean you should remain stagnant. Focus on your messaging, do you have a good balance of emotional and practical messaging? When was the last time you conducted a brand audit? Have you taken the time to reconnect with and identify your current target audience? What opportunities are currently present that your business could take advantage of? It can be easy to get overwhelmed when recession proofing your company, which is why having a clear guide and well-rounded goals is crucial to being able to successfully pivot.
Check out our guide Recession Proof Your Business: 7 Marketing Secrets today to get a head start on preparing your brand for the long-term.
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