‘Recession’ has become a bit of a dirty word lately, and if you’ve been watching the news, you might be expecting the absolute worst from this, the latest spell of economic woe.
However, what if we told you that there was a way to market your business in a recession that leads to real growth?
If you’re here, then it means that you’ve got your head screwed on right. Many businesses choose to cut their marketing spend during a recession, but if you think about it, this makes no sense at all.
Let me explain why.
Why you shouldn’t cut your marketing budget during a recession
Historic precedent suggests that businesses that invest in marketing during a recession see a 256% boost in sales than their competitors once the recession finishes.
And when you take a moment to consider why, it makes complete sense, but here’s the maths:
Imagine ten businesses, yourself and 9 other competitors. You all have an equal market share when it comes to advertising, so 10% each.
All of your competitors choose to halve their marketing budget in order to cut costs (big mistake). You, on the other hand, choose to double yours. As a result, your competitors now have a 7.7% share of the market, while you enjoy a 30.7% share (7.7%*9 = 69.3%, leaving your 30.7% free for the taking).
This means that, quite suddenly, you’re now exposed to three times the people while only having to double your advertising spend. These numbers are conservative, too, as reduced PPC demand means that search engines will lower their prices, meaning that the true numbers could be significantly higher.
Businesses that invest in marketing during a recession enjoy long-term growth, it’s simple maths.
How to market your business during a recession and boost growth
Now that you know why you should invest more in marketing during the coming recession, it’s time to learn exactly what you need to do.
Fortunately for you, we’ve produced a Complete Guide to Marketing in a Recession (it’s your lucky day!).
In it, I cover everything you need to know about the theory behind recession marketing, and exactly what you need to do to ensure that your business comes out the other side stronger than ever before.
Click the button below to download your free copy.
Take advantage of the recession with Catalyst
The key to thriving in a recession is making sure that you don’t panic.
Treat it as an incredible opportunity for you to aggressively take market share from your competitors, as Sam Walton, the founder of Wal-Mart once famously said, ‘I decided not to participate in recessions’.
We’re here to help you create a perfectly balanced, fully bespoke marketing strategy that will ensure you make the most out of this recession.