How recession-proof is your marketing plan?
Here’s why hedging your bets may be the smartest move right now.
Recessions are challenging for any business, especially for B2B brands. As we move into Q2, experts are still unsure whether we’ll see a mild marketplace correction or a full-on downturn.
Whatever the coming quarters have in store, here are some steps you can take to hedge your position, without putting your marketing plans on hold:
Optimize Your Customer Base: Depending on a few large customers for the majority of your revenue can be risky, especially during a recession. Now’s a good time to assess the diversity of your base and set goals open some new doors.
Focus on Customer Retention: Acquiring new customers doesn’t mean you should fire your old ones. It will be more stabilizing and cost-effective to retain existing customers as you build inroads with new targets. Focus on ways to deliver you can deliver easier, better, and faster service. Communicate your intent to deliver a best-in-class experience.
Manage Budgets Smarter: Yes. Reducing your overall spend will create more stability. But smarter spending will help you make strategic headway while your competitors wallow. Focus on cost-effective media channels; leverage technology to reduce labor load; prioritize high-impact projects; and look to your analytics to show you where the money is.
Watch Your Industry: Knowing how your competitors respond to marketplace trends will help you make smarter competitive moves. And, more importantly, understanding and respondinf to your buyers’ changing preferences will help you build strong brand loyalty.
By this time next year, we’ll have a better understanding of how we need to respond to market cycles. In the meantime, let’s find smart ways to move your brand forward.
Founder, Chief Strategist