I know what you’re thinking as you read that title, “What the heck is wrong with you? Why are you excited for a recession?”
To be clear … I ain’t. I’m just as annoyed, frustrated, and stressed out as you. Every trip to the grocery store feels like a gut punch where the bill is high and every item you buy looks like it’s been shrunk down to the size of a Snickers mini. Not a fan!
But when it comes to those of us who run a business, I’m excited because now is the time where we can truly separate ourselves from our competitors. Super rich guy Warren Buffet once said, “Be fearful when others are greedy, and be greedy only when others are fearful.” That’s where we are right now. Fear is HIGH. Budgets are being slashed, jobs cut, plans changed.
So what do we need to do? The exact opposite!
I know it’s scary. Trust me, I spend times at night thinking, “What in this house can I sell on eBay if I need extra money?,” but I also know now is the time that those who ACT are the ones who succeed. And the best part? There’s TONS of research to back this up.
In terms of marketing, companies who stayed the course not only saw an increase in business during a recession, they also saw continued growth AFTER the recession. And this is from data dating back to the 1920’s!
Marketing budgets are one of the first things to be cut during a recession, so those that don’t cut theirs are met with decreased competition and higher audience share. Their brands appear as strong and stable and their customer base responds accordingly. One can easily argue that now is the perfect time to INCREASE your marketing budget.
At the same time, I know that’s not feasible for some businesses, but there’s other ways to succeed. Now is an absolutely perfect time to be there for your audience. Think about it … they’re dealing with the same stresses and frustrations, so when you are able to provide something truly meaningful to them, it helps ease that burden (even if just for a short time). That’s not something someone soon forgets, and that will connect them to your brand in a very strong way.
The best brands understand they’re more than just a product or service, they are something that makes people FEEL. People love brands almost as much as they love people (sometimes more depending on the person), and right now they’re desperate for connection and validation. So when others panic and think small, now is the time to get excited and think big!