It strikes fear into the hearts of us all. And perhaps even more acutely in the hearts of business owners.
Recession.
Are we heading for one?
Honestly, I don’t know. I work in the creative industry and have no desire to masquerade as an economist. But what I do know is that when the economy takes a dip, the marketing and advertising budget is normally the first line item to hit the chopping block.
But it doesn’t have to be like that. If you’re selling a good product/service and you’ve built a strong brand then there’s a strong chance you’ll be able to ride any financial uncertainty. Call me biassed but whilst competitors around you are struggling, this could be a ripe time to twist the screw and grow your market share.
Far from reducing ad spend or even cutting ties with your agency, working closely with them can actually help secure longevity.
A good agency should understand your brand and your audience.
We, at Slice, have a bespoke Marketing Lab program to get inside the mindset of your audience and align your brand with their principles.
Want to know more? DM me
here.
In fact, if you’ve been working with that agency for a long time, the likelihood is they helped you develop that brand and curate your audience.
By working
with them, your agency can help you keep your current client base and even grow it.
It doesn’t necessarily mean belligerently hammering the same messaging and methods as before. You should be refining your marketing strategy to address the evolving requirements your customers have and developing messaging to demonstrate you understand their needs and concerns.
Let’s take an industry that typically benefits from people’s disposable income and is seen as a ‘nice to have’, such as a restaurant. When budgets are stretched to breaking point, eating out isn’t seen as a priority.
But people still (where possible) want to treat themselves, it might just be less frequently. If you’re a restaurant with a good reputation, making delicious food, then there’s no reason why people wouldn’t choose you. Moreover, when that additional spend comes under even more scrutiny, consumers will choose very deliberately; make sure they opt for you over the competition.
If your marketing isn’t on point, you run the risk of being overlooked.
Whilst no one wants to see a recession, the perfect storm is indicating at least some financial turbulence.
So let’s see the silver lining. It could even be plain sailing.