Prepare for the coming economic recession.
It will be ugly and tough, just like 2007/08 was for most of us. Historically, this is the best time to grab market share is during economic recessions, when your competitors are going bankrupt or hunkering down.
Hunkering down is not a proactive strategy, but a reactive response which results in a smaller, less profitable brand. There are three actions that I am telling all my business clients to take immediately.
- You need to establish and deploy marketing systems which develop a consistent amount of leads. Your most effective strategies will leverage Facebook Advertising, YouTube marketing, and email follow up. These three areas are much more affordable, as well as where your audience is at. With Facebook, YouTube and email marketing, your brand can grow faster than with any other types of marketing or SEO in our digital age.
- Do not commit to large financial obligations that detract from your expanding marketing efforts. Be lean everywhere - except in your marketing. This is the time to dedicate resources to the best growth opportunity in business - recessions. Capitalize on this opportunity to identify and attract more market share. As your competitors retreat from the marketplace, you need to advance into it.
- Invest in better customer service initiatives, such as technology, advanced and skilled employees, and training. Wow your new won customers with better service, more engagement, and a better user experience. This will build long-term brand loyalty.
I am telling my clients to prepare for the worse so as to create their best growth opportunities for the years to come. Let me know if I can help your brand prepare and grow.
Best, Edwin Dearborn - Author of Power Branding Secrets
No comments:
Post a Comment