Where to Lean Into Marketing During a Downturn

ASHLEY BOOTH

Video Transcript

So it’s a pandemic or a recession or supply chain, and your competitors are starting to pull out of the space. This is really your chance to start gobbling up market share as long as you’re running your business soundly and you aren’t in the red every month. That’s a different conversation if that’s where you’re at.

But if your competitors are starting to pull out, it could be events. It could be in specific channels. It could be in relationships. It could be in sponsorships. It could be anything.If your competitors are pulling out of the space and you have an opportunity to lean in, do that. This isn’t just a channel play. When your competitors are pulling out of things like paid search, paid social.

Yes, it becomes more efficient for you to show up. But it’s not just about spending. It’s about being top of mind in the places that you should be and capitalizing on that. So, for example, we had a client who was a manufacturer who had orders booked a year out, and for some people you might be like, Great, we’re booked a year out.

We are done trying to find new customers. Well, but what happens in a year? What is your buying cycle? Does your buying cycle take a year? Does it take a month? It kind of doesn’t matter. Just because you have a waitlist doesn’t mean your waitlist couldn’t get longer, that you couldn’t get people on that waitlist further out.

That gives you more certainty in your business. It gives you more certainty in your revenue, and it gives you a better understanding of how much of your product
you should be making. It’s the same if you’re a service industry. Getting people on that waitlist to work with you, that’s great.

Who doesn’t want that? And it’s not just about that. You think about things like during 2020, you had alcohol companies who started making hand sanitizer. There was not only a revenue benefit to that, but there was also an aspect of goodwill and doing the right thing. So, again, it’s not just about spending money. It’s about thinking what are the spaces that you can be in as your competitors have pulled back?

So maybe they’ve had a sponsorship that you’ve always wanted to get your hands on and they’re no longer sponsoring. Well, don’t automatically go sign up for that sponsorship. What are you going to get for that? So be thinking about those things and just be strategic. Think about where are your customers?

What are they looking for? What kind of company do you want to be at this time? Where do you want to show up? How do you want them to remember you so that when times change, as they always do, you are top of mind. You foster goodwill and when buying power comes back, you are the first that they come to.

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