You’ve probably read it on the news or seen it several times on your social media feeds lately: threats of a recession are growing more rampant than ever, with key industry experts claiming that another great financial crash is on the way. No matter how much governments and big brands try to assure everyone that nothing is going to happen, you should know that businesses are compelled to say as such no matter the situation. The reality is that the market surges and chronic inflation that every country experiences can even worry lesser-informed individuals.
The golden opportunity
If you’re a business or brand that’s trying to grow in the modern consumer landscape, the threat of another recession on the horizon can bring even more problems. You’ll end up worrying about being able to pay for bills or even being able to eat. Truth be told, there’s a reason experts are worried that another recession is on the way. It’s not something you can change, but it’s definitely something you should keep in mind as a business owner: “Can I make my brand recession-proof?”
To answer the question simply, you can. However, is your brand even ready to be recession-proofed? No matter how dark they might sound, recessions can prove to be a vital window of opportunity, as long as your brand is ready to capitalize on the opening.
With a proper understanding of your customers’ needs and wants, a clear plan on how to fulfil them, and a bit of foresight, you’ll be able to take advantage of any challenging times. In so doing, you’ll be able to propel your brand far ahead of the competition as soon as the recession settles.
If you want to make the most out of a potential crisis and keep your business afloat during troubling times, here are a few ways that you can recession-proof your brand:
1. Pull out all the stops on your marketing strategy
When it is said that marketing is the backbone of your business, it is especially true when you want to keep yourself on a consumer’s radar even when they have much to worry about. Typically, the aspect that businesses slash during a recession is the marketing budget, but the reality is that keeping your marketing strategy can make a world of difference after the recession ends.
If you make the mistake of cutting your marketing budget for short-term profitability and stability, chances are you’ll probably end up with more problems and weaker sales as soon as the financial market pulls itself together. Aside from being unable to reach out to the right audience, cutting back on marketing also means that you’ll be reducing or removing any connections that you’ve established with your customers, as they’ll most likely take their business elsewhere.
2. Invest in your marketing strategy
If you want to make the most out of a recession and make your brand recession-proof, know that marketing will make a huge difference. It can act as a slingshot that can put you ahead of the competition when everybody else is doing what they can to stay afloat.
Think of a recession as the best time to make a small investment that will sustain your marketing budget and efforts. Sure, you might be spending more than other brands in your industry, but you’ll be able to start as soon as the recession ends.
3. Look at your brand positioning
The period before a recession is the perfect opportunity to assess your brand positioning. By reevaluating all the assets of your positioning, you’ll be able to understand what improvements you’ll have to make so that you can survive the entire recession. Know that setting a certain forecast in consumer behaviour during an economic downturn can help you shift your brand.
You can become a business that consumers will rely on and prioritize when setting aside their budget and spending their money. Brand positioning reassessments typically go hand-in-hand with a brand audit, so be sure to do one to determine what changes you’ll have to make so that your brand remains afloat.
Although a financial recession may scare many businesses, you now know that it can actually provide you with an opportunity to jump ahead of your competitors. With the tips above, remember to pull out all the stops on your marketing strategy, invest in your marketing strategy, and look at your brand positioning. With these, you’ll be able to recession-proof your business during hard times.
If you are looking to learn more about building and growing your brand, get in touch with us today to see how we can help.