How To Prepare Your Company for a Recession
Are you wondering if your company is prepared enough for the upcoming recession?
What is the “gut reaction?” Scaling back. While scaling back may seem like a logical choice, it’s not the best option, let me explain. With less business spread amongst the same number of companies, it’s crucial to increase your marketing efforts instead, as you’l need to drastically increase your marketing footprint to just get the same amount of. business you had before.
The 10X Rule and the Recession
As Grant Cardone famously said, you need to do 10X more than you originally planned. This means investing 10X more time, effort, and resources into your marketing strategy. To stand out from the competition, you need to be a contrarian and think outside the box, not like the herd. While they scale back, you stretch out.
Marketing Budgets and How Far they Should Go in a Recession
During a recession, people tend to spend less and become more cautious about their expenses. However, this doesn’t mean you should cut back on your marketing efforts. In fact, you should do the opposite and spread out your marketing footprint to reach more potential customers. By doing so, you’ll have a better chance of capturing a larger share of the market.
What Happens Towards the End of the Recession?
The good news is that once the recession ends and things start to normalize, you’ll be in a stronger position than your competitors. By continuing to invest in your marketing efforts during the recession, you’ll have established yourself as a market leader and positioned yourself for long-term success.
We’ve seen this strategy work for our clients during the recession of 2008-2014 and even during the recent Covid crisis. By spreading out and not scaling back, our clients not only survived but thrived, becoming market leaders in their respective territories.
Don’t let the upcoming recession discourage you. Instead, focus on increasing your marketing efforts and spreading out your footprint to position your company as a leader in your industry. It will be tough, but you have to survive it.
Dan York, Founder
The SEO Surgeons