Recessions is something that can bring fear and uncertainty to everybody, including business and their customers. If you panic and make the wrong decision, it can be a detriment to your business, long after the recession is over.
The most important thing to remember is that recessions are temporary. They won’t last forever, so don’t make a knee-jerk reaction when something doesn’t go quite right.
What should you do during a recession?
Ignite Visibility has set up a framework that you can use for your business to grow during a recession, allowing you to take a good position within the marketplace.
- Update your offers: Talk to your customers to understand how their mindset has changed. Are they interested in a cheaper option? How have their needs changed?
- Ramp Up Your Marketing: Studies have shown that companies who invest more in marketing during a recession tend to grow for years after the recession
- Gain Market Share: go big with your market spend to show your potential customers that you are the main choice.