By Arko Chandra Published on : Aug 4, 2022
The US inflation has touched 9.1%, and all other market signs too are indicative of one thing – the US is going to suffer a recession. In these tumultuous times, business strategies need to be recession-proof, and marketing is no exception.
As a marketer, what actions have you taken in the face of the looming recession? What tricks and tactics are going to save your brand from collapsing?
Let’s put it this way – you have suffered losses in the stock market, so your first reaction might be to pull out your money from the market to avoid incurring any further loss. However, the only way you can jump back up is by leaving your investments in the market as they are.
Similarly, instead of eliminating your marketing budget during a recession which can directly retard your revenue growth, reallocating your budget might be a better move. You might also be the first choice for customers if all your competitors pull the plug on their marketing spend.
One of the many lessons the COVID-19 pandemic taught businesses is the art of adaptation in the face of rapid, unprecedented changes. Crisis calls for innovation, so the brands incorporating marketing technology and implementing lean, efficient processes in their marketing plans would stay afloat during the recession. Marketers need to align their plans with the necessary MarTech software and tools so that if and when the recession hits, their strategies don’t crumble.
Perhaps the best weapon you can count on during troubled economic times is your current customer base. Nurturing your existing customers is a safer and cheaper option than investing in new customer acquisitions. Don’t forget that your customers would also be suffering the recession, so offering them discounts can propel repeat selling and help you reach your revenue goals.
It’s difficult to predict all the effects a recession would have on your business, but the least you can do on your part is to be fully armored to survive its blows. You need to redesign the way you market your brand and continuously adapt it to volatile times.
By Arko Chandra
Published on 4th, Aug, 2022
The US inflation has touched 9.1%, and all other market signs too are indicative of one thing – the US is going to suffer a recession. In these tumultuous times, business strategies need to be recession-proof, and marketing is no exception.
As a marketer, what actions have you taken in the face of the looming recession? What tricks and tactics are going to save your brand from collapsing?
Let’s put it this way – you have suffered losses in the stock market, so your first reaction might be to pull out your money from the market to avoid incurring any further loss. However, the only way you can jump back up is by leaving your investments in the market as they are.
Similarly, instead of eliminating your marketing budget during a recession which can directly retard your revenue growth, reallocating your budget might be a better move. You might also be the first choice for customers if all your competitors pull the plug on their marketing spend.
One of the many lessons the COVID-19 pandemic taught businesses is the art of adaptation in the face of rapid, unprecedented changes. Crisis calls for innovation, so the brands incorporating marketing technology and implementing lean, efficient processes in their marketing plans would stay afloat during the recession. Marketers need to align their plans with the necessary MarTech software and tools so that if and when the recession hits, their strategies don’t crumble.
Perhaps the best weapon you can count on during troubled economic times is your current customer base. Nurturing your existing customers is a safer and cheaper option than investing in new customer acquisitions. Don’t forget that your customers would also be suffering the recession, so offering them discounts can propel repeat selling and help you reach your revenue goals.
It’s difficult to predict all the effects a recession would have on your business, but the least you can do on your part is to be fully armored to survive its blows. You need to redesign the way you market your brand and continuously adapt it to volatile times.
