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Fund managers have been making worrying predictions that a global recession could occur within the next 12 months. Such a reversal of economic fortunes would hurt the US but could hit other countries, particularly in Europe.
Carlos Beirão da Veiga , a Portuguese marketing expert, has navigated australia email list many economic storms with confidence. In his field of marketing for companies large and small, uncertain times can result in reduced spending. But when budget cuts hit marketing in its early stages, the lost momentum can negatively impact business.
“Companies should periodically take precautions against potential onomic uncertainty,” says Beirão da Veiga. “They should be more careful, monitor the business closely and analyze the project’s return on investment.”
During these times, marketers need to keep their businesses visible in a smart way. It’s important to demonstrate your value and tell a better story than your competitors.
Carlos Beirão da Veiga Advises Ensuring the Public Knows Your Value
Businesses now find themselves staring at a magic ball, looking for guidance on how to successfully avoid the economic minefields that await them. A marketer like Carlos Beirão da Veiga can give members of your business a compass by drawing up a plan for the next 12 months. The plan can offer insights on how to market to specific groups through a series of questions. For example:
What do you know about the world your customers live in, their unique opportunities and challenges?
What best practices do other companies adopt to navigate difficult times and situations?
Can you offer unique insights into companies’ audiences that would help them stay relevant?
Providing consistent value makes you and your company indispensable to your customers and prospects. Companies see great success in keeping their content fresh during tough economic times. The data backs this up. According to HubSpot research, 56% of “marketers who blog say it’s effective, and 10% say it’s the type of content that generates the highest return on investment.”
Tell a Better Story Than Your Competitors
Health tech investor and former journalist Chrissy Farr told Forbes that she regularly asks companies to use the right language to tell their stories. Written content shouldn’t be complex or difficult to understand; it should be clear and convey value.
“Companies need to build a better story than their competitors,” says Carlos Beirão da Veiga . “ By building trust, companies gain the fuel to tell customers that they are superior to other players in the industry.”
It’s time to change strategy if your brand advantage isn’t clear on your website, blog posts, social media channels, pitch decks, and articles that cite your company’s management.
Be Visible When Consumer Confidence – and Yours – Is Low
When times look grim in the sales world, one of the worst things you can do is to go cold turkey and cut back on all marketing efforts. Bad idea. When the economic turmoil ends, you want your product or service to be top of mind when buyers’ budgets increase.
Wavemaker, the world’s second-largest media agency network, conducted a survey in September 2022 that revealed the mood of its clients. Consumer sentiment has fallen 16% since January, while confidence is even lower than it was during the 2008 recession.
Dennis Potgraven, chief strategy officer at Wavemaker, said consumers are worried that a potential recession will last longer than the last. That means companies need to make a long-term plan to help restore profitability to their sales. Companies should set aside time and resources up front so it doesn’t take forever to recover when the economy picks up again.
The data also reveals that budget constraints are compelling consumers to make purchasing changes, even for brands that aren’t their favorites. Meanwhile, consumers are opting for private labels over big name brands.
“This is not a 12- or 18-month game,” Potgraven said. “Consumers are switching and will continue to switch to other brands for longer.”
During a panel discussion at Advertising Week, the audience was shocked to learn that over the past century, more than a dozen major brands have started in multiple recessions. These include Mattel, Trader Joe’s, Microsoft, Adobe, Electronic Arts, Uber, and others. So there is hope. Companies can focus on targeted work , improving targeting, talking to fewer people more effectively, and prioritizing customer retention over acquisition.
Celebrity investor Kevin O'Leary, star of the American television show "Shark Tank," encourages experimentation during uncertain economic times. He tells companies he's interested in to spend a third of their marketing budgets on new experiences each quarter .
Businesses need to face the sun and be optimistic during times of economic uncertainty. They need to keep the lights on and remind customers that they still exist. Businesses that lose confidence and dilute their PR and marketing during a recession often fall by the wayside. Those that try to bounce back after a recession may find themselves having to reinvest heavily to get back to their pre-recession levels.
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