In times of economic downturn, very often, the marketing budget is the first to be cut. However, it has been proven time and time again that a recession, or economic downturn, can offer incredible opportunities for businesses and organisations that continue to invest in marketing activities ...
It is important to continue to invest in marketing even during economic downturns and recessions!
This time, I'm handing my blog post over to ace marketing guru Terry Kendhammer of Bubble Creative who is Essendon's own marketing company. So, take it away Terry with your four top tips about marketing through a recession.
Firstly, learn from previous recessions ...
You probably remember the recession of 2008, or early 2000. Some people may remember recessions in the early 90s, 80s and even before that. Something important to note through all these previous recessions is that the businesses who continued to invest in marketing came out on top and those who slashed their budgets ended up going under ... or just surviving at best.
Unless you put your brand in front of people they forget about it, and if your competitors are getting in front of your clients and you are not, chances are they will switch. Likewise, if your competitors cut down on their marketing, make sure you don't!
Marketing is all about future planning, by not investing today, you are not planning for the future. It's all well and good to plan to invest after the economic downturn, but chances are, if that's your plan, there may not be a business to invest in when the downturn is over.
We're not saying pour money into marketing or drastically increase your budgets, we're saying don't leave marketing as an afterthought.
Outsource where you can ...
Marketing is more complex than ever. This can make it difficult to find an in-house employee who has skills in all the areas you need. Outsourcing your marketing means you could receive a top level of service without having to employ a whole team.
It can be very a cost-effective and time-saving exercise so now is a great time to outsource your marketing. It is very common for an accounting firm to outsource its marketing activities.
Take care of your existing customers and clients ...
Take care of your clients and they will take care of the business. During a recession, your existing customers and clients must become your top priority. They are already using your services and know your worth. Client retention is essential for the success of many different types of businesses.
Loyalty will become one of your top strengths as keeping existing clients is far more cost-effective for your budget than gaining new clients. Regular communication with your client base is one of the best tactics for this, but make this personal. Don't just sign them up to all of your mailing lists ... call them or arrange face-to-face meetings.
For many types of businesses ... including accounting firms ... new clients often come from referrals so taking great care of your clients will often lead to increased new business.
Review and refresh your marketing strategy ...
Make sure you are reviewing and refreshing your marketing strategy through the recession and the aftermath. Review client behaviour and predict what their purchasing patterns might be at each landmark.
As accountants, Essendon can predict what will happen with the economy and use this information to predict their clients behaviour and offer services at the best time for them and their situation.
Thanks Terry! We both feel that it is important to continue to invest in marketing even during economic downturns. What is your opinion on marketing during a recession?
We would be keen to know your thoughts.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like more information on outsourcing your marketing, it may be a great idea to give Terry a call on 01327 223808 or visit the Bubble Creative website for more.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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