As we head into a recession, you might be thinking how to keep your business going through yet another tough time – asking yourself what cuts you might need to make and what decisions will help keep you afloat.
However, let’s not forget, this is not the first time many firms have overcome the challenges of an economic crisis. Also, if your business has already made it through the Covid pandemic, there’s no doubt you will be well prepared for what’s to come. So, with further preparation and a few wise tweaks and adaptations here and there, there’s no reason your business won’t be able to weather another difficult period.
Certainly one element that will help you stand your ground is maintaining your communications and marketing focus – and there are many reasons why investing budget in this will pay dividends.
Lifting the spirits
One of the most important reasons to continue committing budget to your marketing is to keep up the appearance of ‘business as usual’ and stay connected with your audience. This will be a difficult period for everyone, but taking care of clients is taking care of your business. So, by plugging away at your marketing and communications you are showing your audience you are resilient, underscoring that you lead your sector, and encouraging them to be optimistic, too.
Keeping ahead of the game
Even if you’re not the competitive sort, every business owner knows it is vital to keep an eye on what your competitors are up to, so you can remain one step (or more!) ahead of them. Keeping your communications fresh, relevant and purposeful offers you an opportunity to do exactly that.
What you can do:
A key time to review and rethink your messaging
Will the challenging financial climate change your audience’s attitudes towards your services or products? How can your marketing and comms reflect these developments in consumer behaviour and emotions, and can you capitalise on them? You will benefit by taking time to weigh up whether you should pitch your offer differently and if you should market it in a different way. For inspiration, read about how our client, SWF, reinvented his business during the Covid pandemic to help businesses survive rather than grow.
Rethink your marketing strategy
We’re not denying it – the year ahead will be tough, and you will need to make sensible and clever cuts where needed. However, you really don’t need to sacrifice your marketing and comms. Instead, think about evaluating your current strategy and spending. What’s working well and what isn’t? Whatever is having the most success is where you need to be focusing your efforts, whether that is your website, pr or advertising.
Outsource your marketing
In times of economic crisis, many areas of your business will need attention – and the complexities of marketing and communications may be one step too far for your team. Fortunately, there are talented and experienced copywriters available to step in and create bright, effective, quality copy across all your marketing channels. This perfect in-house but out-of-house set-up will allow you to focus on other essential business matters.