It feels like we are besieged by uncertainty on all fronts.
Inflation, the pandemic, and global conflict have created new and unpredictable pressures, driving our economy on a rollercoaster ride straight into the unknown. While we have enjoyed some record highs, it looks like we are about to dive into a record low.
So, what can you do to help your brand and teams ride out the dip? Here are three practical tips to help you reach the clattering chain lift on the other side of the plummet.
1. Don’t Panic:
Warren Buffett famously said, “You sit in the shade today because someone else planted a seed ten years ago.” Now is the time to plant seeds and nurture seedlings, not prune the orchard. Your competitors will be cutting, and pulling back, reacting to an uncertain world. Times like these, though, are not times for fear but rather for pragmatism.
Think about the things you can control and contain first and foremost to achieve your realistic business goals and start from there. Don’t sacrifice your future goals for a short-term sense of security. Conventional wisdom would start cutting marketing budgets, staff, and expenses. But it’s proven that in a down economy consumers turn to brands they trust vs. trying something new. And so, brand value is more important than ever.
Research also shows that marketing in a down economy builds strong consumer loyalty for what comes next. While your competitors are idling, there is an opportunity to take advantage of the opening they leave with audiences and grow your share of voice affordably. Their hesitation is your advantage.
Your brand and the team you have working on it every day are some of your most valuable assets when times are tough. Be thoughtful, be pragmatic, and make decisions from a place of future confidence, not short-term fear.
2. Enable Greatness:
Your internal teams become even more valuable because they are as invested in your brand’s success as you are. Plus, they are already factored into your budget. Be mindful that they may need expert help, support, and inspiration especially as times become more difficult and the demands of work become greater.
Targeted support in areas they need help to excel in or smart external thinking that provides a creative boost can help keep your team creating great work that drives business and reinforces your commitment to them through tough times. It’s about helping them do more within their zone of genius without burning them out.
3. Control Your Costs:
Traditional mindsets might lead you to think that cutting your costs to the bone and saving money is the only way to survive a down economy. While this is sometimes necessary, it may be better to be pragmatic and lean into cost control first.
Select projects that have a contained time horizon and impact that can be felt within the next 18 months. Select partners you can trust to deliver value within the confines of your budgets and timelines. Don’t hesitate to stop a project that begins creeping outside of its constraints. Knowing when to stop something is often as important as knowing when to start.
Surgical spending can keep your business moving. It may be at a more modest pace, but you will be in a much stronger position than your competitors when the race starts up again.
It’s important to remember that hard times don’t always equal bad times. Keeping a positive, pragmatic outlook can help deliver you, your brand, and your team to the other side of the drop. Maybe a little leaner and maybe a lot wiser but still smiling as you begin that noisy climb back up the next rise.
Together. Enjoying the view the whole way.
