Recession Proof Your Business
We’ve all seen the headlines, and some of us have already felt it. A recession is looming. The R word can send chills down a business owner’s, and even employees’, spine. Luckily, there’s good news. We know how to beat a recession. On top of that, we know how to make your company beat your competitors in a recession. Here’s how:
First, a company should see a recession as an opportunity to beat your competition, not to run and hide. For instance, Taco Bell and Pizza Hut took advantage of McDonald’s choosing to drop their advertising budget during the 1990-91 recession. The result was Pizza Hut growing 61%, Taco Bell 40% and McDonald’s declined 28%. Pretty astonishing numbers, right!?
Second, a recession is a great time to trim the extra fat and lower your recurring overhead. Payroll is the largest recurring line item cost for each business, and if things slow down during a recession, you could be stuck with an uncomfortable amount of payroll. At the same time, those large agencies that you have been using for your campaigns and technical aspects of marketing, charge huge numbers based on their large overhead. This is where smaller, more nimble agencies, such as Spectruss, have an upper hand. Not only do we thrive in the digital realm, but we also have all of the capabilities in-house to act as your entire marketing department. This lowers your costs, and allows you to easily scale up or down with us, even on a month-to-month basis.
Third, have a team that is constantly watching the data. There will be a lot of opportunity that will open up during a recession, including areas of advertising with less saturation, lower costs per click, and adjusted sales pitches that really resonate. Having the ability to track all of this data, monitor it daily and adjust in real time will produce the largest return on your investment.
Attacking advertising and marketing with a digital first approach has helped Spectruss grow over the last 8+ years. We have grown to bring all technical aspects of marketing and advertising in-house, thus strengthening the client’s brand identity and lowering their overall cost. We can either act as your out-of-house marketing department taking lead from your in-house CMO, or even help you build strategy as your Virtual CMO. In short, Spectruss makes your business recession proof.
Give us a shout today to setup a free consultation with Founder Sam Silvey.