How to best navigate your business in times of recession?

Don’t Panic Just Start Brainstorming

 

Recession? Bring It On! 

Recession is a word that nobody in the business world likes, but almost every person today is somehow involved in doing or owning a business, so it means that we all dislike it for sure. First things first, to move forward and to keep striving we must accept things how they are in the moment, and then we need to shift our brains to superpower mode. 

Instead of choosing to put things on hold, or to lay low during these challenging times, you’ll ask yourself one logical question. How my business will pull through and keep growing if I decide to slow down or in the worst-case scenario close my company? 

Only as a question sounds terrifying when you truly know how much effort you and your team have put to make things happen. In this time of recession, we not only do want things to work, but we want magic ASAP. 

The International Monetary Fund predicts an inflation rate of 6.6% in global GDP for this year, and it could stay elevated for a longer period. Knowing this you need to be aware and well prepared that your business will shrink alongside your clients.

 

Don’t Panic Just Start Brainstorming

Now don’t panic and hold your horses because for every problem there is always a solution, or multiple if you just relax and think about things thoroughly, not just superficial thinking including some basic statistics and what others tell you.

If you have it in you, then you will conclude that when many businesses decided to withdraw, you have more space in the digital world and you will need to pay less for marketing. This means the presence of your services and products will be online, available to a wider audience, and have the chance to engage with your industry for a smaller price. 

 

Learn what boosts your business in order to succeed

So NOW is the time to team up, research which platform gives your business the highest results, and reorganize your contact lists, and email addresses. Create a new strategy on how you are going to become more present and easily visible to your targeted audience. 

Webinars, free subscriptions, and blogs that bring high value to your clients or potential customers.

People need solutions, and they need them even more in a period of a crisis, so when everyone else is panicking, you need to step aside, take a deep breath, and dive into being a digital super-hero that has the real solution for his beloved customers.

 

Get to know your customers even better

The behavior of our customers is changing with the speed of light, so we must be aware of their needs, preferred channels, and products. For Instance, there is another statistic according to Mastercard SpendingPulse that states doubled increase of all payment types in select global markets in the U.S. e-commerce sales. 

The increase goes up to 13.7% by 2022,  yet on the other hand in the U.K there was at a decrease of – 6.5% in online sales. This shows that in the future one businesses will disappear, and the other will thrive. 

That’s why you must adapt your resources to the right channels and actions in digital marketing. Be aware and cautious of your next move, so that when this recession period goes by, your business remains stable and yields high revenue. 

People with or without a crisis tend to spend money, the only thing you need to do is make them come to you. This is where all the brainstorming pays off, and all the magic happens.