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How to win business in a recession

It’s no secret to anyone that the economy has been in a tough spot the last few years and it’s been tough for both consumers and business owners alike. Let us help you gain confidence and show you how to win business in a recession.

 

One of the first things our minds shift to in a pre or post recession economy is cutting extra costs. That could be from things like overhead, small business expenses that add up and even marketing costs. 

 

The thought process makes sense. You see a decline in sales and revenue so you immediately start to cut discretionary expenses like marketing. 

 

What’s interesting though is that research shows that marketers who cut their media spend risk losing up to 15% of their business. McGraw Hill did a study of companies during previous recessions and found that companies who continue to advertise during a 2 year recession saw 256% higher sales than their counterparts who saw virtually 0% growth. 

 

Why is that? Because your competitors aren’t cutting marketing and advertising costs so they get your business. 

 

It’s easy to think in the short term and just start cutting costs that you might consider to be luxury, but the reality is 55% of advertising is digital. And the ROI for email marketing alone is $36 returned for every $1 spent. 

 

These are numbers you want to capitalize on! How can you do that? Great question! 

 

The only way to get through a recession and prosper is to invest in your brand and your relationships with your customers. Why? Because if you don’t, it will undermine your growth. 

 

More than 60% of brands that increased their media spend during the last recession saw ROI improvements! 

 

Why? Because you’re keeping your brand at the forefront of your consumers’ minds, setting you up for success when the economy rebounds. The worst thing you could do is fall off the face of the earth to your consumers, then when the time comes for them to invest in your industry again, they’ve chosen to go with someone else who invested in their marketing during the lonely months. 

 

So, have we shown you the importance yet of why you want to keep that marketing budget in tact? 

 

Spectruss offers 8 different services that you can invest in on an a la carte basis to fit your specific needs. Let’s say, for example, you have a killer website, but you really need help with google ads, social media ads and daily management of those things. We can help!

 

Or maybe you have a great digital marketing employee, but they don’t know how to build a website that will increase your business. We can help with that too! You can have a custom website built and live in as little as 4 weeks. 

 

We want to make sure that you not only survive during a recession, but thrive. Contact us to get your marketing and advertising plan started today!

 

Sources: 

https://www.marketingdive.com/news/marketers-increase-media-spend-recession-gain-ROI/628712/

https://www.wordstream.com/blog/ws/2022/04/19/digital-marketing-statistics

https://www.wearemiq.com/blog/advertising-during-a-recession/ 

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