Recession: Tips For Small Business
To be totally transparent, I've been a bit worried about the inevitable recession that's coming, knowing that it's oftentimes small businesses like mine that get hit hardest. When things start getting tight, every business tries to get through it by pinching pennies wherever they can. Many go straight to their marketing budget to save money because they see it as a business expense.
If we look at 2009, what were the industries that got hit the hardest the fastest? Real Estate, and the trades. Why? Because most of them operated heavily off of word of mouth referrals and repeat business from past customers. They had more than enough work to be good during the normal seasonal swings, but once the economy slowed, repeat business slowed down, and they didn't have enough in their pipeline to last very long. They also weren't actively doing anything to fill their funnel other than reaching out to the same people they have always gone to to get jobs and leads.
However, there were many companies that exploded during the recession, even in the trades. It wasn't because they got lucky. They were proactive in their marketing and sales efforts and weren't sitting back waiting for the business to come to them. This ties directly into the saying "tough times create strong men (and women), strong men (and women) create easy times".
If you haven't had to struggle to find work as a business owner or be creative in how you grow and market your company, then your business is at greater risk of being impacted during the upcoming recession. Those that will not only survive, but prosper through a recession are those that push even harder, invest in their business even more, and break the mold of how they've always done things.
I'll be honest, it's scary to invest in your business right now, and I'm not saying every business needs to go crazy with their spending.
I'm also someone who believes strongly in putting my money where my mouth is and practicing what I preach. Here are a few things we're doing to make sure our business is growing and makes it through the recession without much issue. - We just signed a lease on our new office space that's twice the size of what we have now, with substantially better exposure and street signage. - We added an additional employee whose whole job is a marketing strategy for us and our customers. - We've doubled the number of event booths we have. - We're actively prospecting outside of our local area for new customers. - We're running more ads on social and in print. - We're working on our SEO a lot. - We're networking more. - and so much more...
As you can see, we're not cutting back our marketing efforts for a recession, we're upping our game and taking it head-on. Just like a ship in a storm, you don't try skirting around or running away from a wave; you turn straight into it and give it some gas. Once you're over the peak, it's smoother sailing from there.
Hopefully, some of you, as business owners take steps now to really prep for a more competitive market that is looming in which those who stand out the most will get the business.
Here are some of the recommended steps which you can either do on your own or with our help:
1. Dial in your website. Make sure it is not only up to date and visually appealing; but also optimized for your customers buying cycles, needs, pain points, etc.
2. Work on your Google My Business and other SEO.
3. Utilize email marketing.
4. NETWORK! Get your butts out there and meet people!
5. Get ad campaigns up and running, whether it's on social media, Google, or other digital platforms.
6. Put a logo on everything. Get a logo on your cars, hats, shirts, jackets, coffee cups, water bottles, and anywhere else you can think of.
7. Don't forget print and publications.
You may be asking how these help a business when times get tight? Basically, so many others will stop doing these things during tough times that it allows those that do them to stand out, and the effectiveness of these marketing tactics is compounded.
We'd love to act as a resource for small businesses in and out of these more challenging times. We're so thankful for our current and prospective network of supportive people in this community and are excited to broaden our base as we face things together.
If you need help with anything related to marketing or growing your business please don't hesitate to reach out!
Manski Media Owner