All about perspective
The four marketing truths of a business slowdown
Read the media and the economists and pundits are all calling an economic slowdown. The “recession we have to have” after 25 years of unparalleled growth.
That’s the funny thing about humans – we see what we want to see. Perception is truth. So.
What do you want to believe?
In an economic slowdown, there are four marketing truths you should take on board:
1. An economy is just an average
Every industry is an amalgam of vibrant growing businesses, others that are stagnating, and others that are just getting tired. The owners have had enough.
You can choose which to embrace: the fear-based perception of a downturn or adopt a growth mindset to build your business. Which will it be?
2. Stay close to your customers
Your customers pay for your services. The better you know them, the better you can serve them.
Innovate. Offer them greater value. You can only be as successful as they are. There is substance to the old truism “take care of your customers and they will take care of your business”.
And if you don’t know them well enough. Find out. Fast. *
3. You cannot cut your way to growth
Marketing is focussed on growing your revenues. The evidence is unanimous. That during economic slowdowns, businesses that continue to invest in marketing do better.
And when the slowdown is finished, they reap an outsized return on their investment.
Be mindful of expenses and consolidate your marketing investments into profitable activity. But beware of cutting it out. It will cost you.
4. Have Fun
Perverse maybe but under stress, people’s thinking becomes small, defensive, narrow. It is hard to be creative, innovative and strategic when everything is short-termism, dominated by fear-based thinking.
Reframe it as an opportunity. Challenging maybe, but an opportunity to exceed. To innovate and offer even more value.
To grow the impact of your business.
If you want to do that just get in touch and let's see how we can help you.
* Click here to download an effective questionnaire to use when researching what your client’s value.
Alternatively, you can call us on 0459 320 999 to discuss our Client Value Audit and how we uncover what your clients truly value, want more or.