Surfin your way out of a recession
Wait what? A RECESSION IS COMING! *PANICS IN RAPTOR”
Woah! Hold your Raptors. Yes, a recession is coming but the key word here is “coming” meaning it's still not here. This means that there is enough time to prepare. So there’s no need to panic or run around the streets like Bob saying we are all doomed, especially if you’re running a marketing firm or a branding studio. Cause if you prepare yourself and take a proactive approach to business, you’ll be riding the waves of the economy like a pro bro.
Given the war in Ukraine and the sudden spike in energy prices worldwide, many key businesses on whom we all rely directly or indirectly are being affected by increasing operating costs. This effect is not just increasing the cost of business for them but it's affecting us all, even marketing firms. For example, if you are marketing a bar of soap the company that makes the soap will see a spike in their costs when it comes to making the soap. This means that a bigger piece of the money pie is going to be allocated to making the soap and it means the marketing firms will get a smaller piece of the pie.
As mentioned previously, clients will reduce spending on marketing which means less money for you. Coupled with that your own operating costs will increase, for example; bills like electricity and internet will rise. Also, you’ll have to pay your team their salaries while costs are increasing and revenue is falling. So in short recession means not a great time for businesses of all disciplines
Businesses during a recession*
Is it not a good time tho? Yes and No, you see like all businesses marketing is still a business (duh) but if you take a proactive approach to doing business and prepare yourself for the low waves of the economic tides you certainly can and will navigate the tough times with finesse and maybe even come out stronger. Because what doesn't kill you only makes you stronger. Here are some tips to help your marketing firm ride the tides!
Talk to your clients and make them understand that even in tough times like this marketing is essential! The message here is to communicate the value of your services to your clients and make them understand they need you as much as you need them to survive in these tough times.
Try to lower prices wherever possible. I mean profits are gonna fall thats for sure, but if you can get through this by thinking of your clients and their wellbeing you can come out with a stronger relationship from this recession this means well for your firm in the long run
Looking to get a new coffee machine for the office? Well look no further as a recession is coming and you need to focus your spending where it matters!
Aight, time to go global. If you are not offering your services worldwide what are you doing! Companies from US, UK and other big wig countries are gonna offshore alot of their projects to Bangladesh, India and countries where the pricing is competitive. So work on your SEO ranking to boost your reach and get the sweet sweet dollars or pounds.
In this recession people are upskilling themselves to increase their sources of income. Well what makes businesses different from people? To maximize revenue in these times, offer more services and try not to turn down anyone looking to purchase your services!
We know it's gonna be tough for all of us in the coming year. That's why this article was kept a bit light from all the heavy stuff to remind ourselves that as long as we have the spirit of positivity and humor by our side we can surely come out from a tough time smiling, happy and strong. A positive outlook is sure to bring out positive results. So don't worry too much about the economy for now and instead focus your efforts into making sure that you’ll get through this. Be a Raptor, proactive, intuitive and collaborative, you’ll certainly get through this, we believe in you.
Written by Muqaddim Jawad Noor
