Hide Your Head…or Eat Your Cake?
The Economic Downturn & Marketing – What It Means to You
Talking with friends and fellow business owners, one of the biggest phrases I’ve heard in recent conversation is “economic downturn”.
For me, that catapults me back to the 2008 recession. I had received a promotion at work, purchased my first townhouse, and then the fateful day when we all left on a Friday, received a call on Sunday, don’t come in Monday. To say there is a visceral reaction with the memory would be an understatement.
Thankfully, I think we have all learned a thing or two since that time. This upcoming “economic downturn” doesn’t have to be the same, and if you truly want to learn from past mistakes, know this…
You need marketing now more than ever!
Marketing should be seen as an investment in your company and its value proposition. If you turn off the faucet of communication now, how long will it take for you to get back up and running? Who will have leapfrogged ahead of you because they kept the lights on? What will have happened to your engagement metrics, awareness and reach, along with any number of KPIs, if you stop now? What long term damage are you creating with a short term “gain”?
There are other ways. The old adage “work smarter, not harder” comes to mind. This isn’t to say that you shouldn’t be more cost effective with your time and efforts, but be smart about any actions you take from here on out! Find resources that can help you be as strategic and mindful as possible with your next few months moves and budgets. Identify where you will get the biggest bang for your buck, while still maintaining a presence with your target audiences.
This is where fractional marketing can come in. Whether it is to help keep things running “business as usual (BAU)” while you let things simmer, step in and help build a short-term strategy that will keep you moving forward, or you have to put a hold on that new full-time employee (FTE) hire, but you still need leadership in the position – fractional marketing is your answer. Built to provide 15+ years of experience on your terms at a fraction of the time and cost, you can “have your cake and eat it too!” …so to speak.
So, while everyone else is seemingly turning off the lights in their shopfront, you can be the one leapfrogging ahead because you recognized the value in the actions and investment required to stay top of mind and remain in solidarity with your target audience; not hide your head in the sand when the times get tough.
Hide your head in the sand, or have your cake and eat it to? It’s your choice.
Stay tuned for more from TCS next month!
Sarah Heximer, Owner & Chief Visionary Officer
True Colors Strategy