No matter where the economy is there is always something to worry about, so we thought it might be good to discuss the marketing side of things.
Here are the main takeaways from making your marketing strategies resistant to recession and economic worries:
A recession can be a great opportunity for smart marketers who adapt fast
Because companies will cut their advertising budget, pushing down cost per mille (CPM) and, generally speaking, reducing competition.
Which means a recession is an opportunity to expand your market share… even as the market is contracting.
Business opportunities and make-money offers will explode
During a recession, people look for ways to make money, so if you operate in this niche, you’ll enjoy a sales bump.
Compete on complexity
Everybody can create a funnel these days, and simplicity is easy to replicate.
This is where adding complexity to your business can make sense if you’ve mastered the basics, because doing so helps you build moats.
For example, competitors might copy your webinar, but they can’t replicate what they can’t see, or what requires a bigger investment, a bigger team, or the processes and know-how that only your team has.
Expect more resistance
The problem is not that there is less money in the market.
The problem is that it moves slower and people become more sensitive to price… and more sophisticated about spending.
If you sell to other businesses (B2B), it will be harder…
Especially for services with a long-term commitment.
Entrepreneurs will become savvier about where they spend their money and will keep you more accountable for the results you bring.