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Mauricio Locero Founder and CEO of M2 Studios.
Getty
Keeping your business running and functioning can be very challenging. Moreover, it is especially difficult to maintain that business in times of severe economic hardship. Unfortunately, entrepreneurs often need more time to prepare for these situations. Many entrepreneurs are unprepared and have little or no idea about how to navigate the global tide of change impacting their businesses.
Given the various signs around the world, it’s no exaggeration to say that businesses are experiencing a lot of uncertainty right now. Rising costs of running a business, high inflation rates, and other changes over the past few years have made it difficult to operate. Of course, this is not what entrepreneurs want, but it’s important to note that it’s important to be prepared for uncertainty and challenges.
Conduct marketing audits.
I have found that in times of recession, those who know what to do win. First, we recommend that you evaluate all marketing her platforms and strategies you have used as a business owner. During a marketing audit, business leaders should look at a variety of factors, including:
1. Marketing Environment: Examine the macroeconomic, demographic, cultural, technological, and competitive forces that can affect a company’s marketing efforts.
2. Goals: Review your company’s marketing goals and target markets to ensure they are clear and aligned with your company’s overall business goals.
3. Company Marketing Mix: Examine the company’s products, pricing, promotions, and placement strategies to determine if they are effectively reaching their target market.
4. Company Marketing Organization: Review the structure, roles and responsibilities of the marketing team to align with company marketing objectives and effectively execute marketing activities.
5. Budget: Review marketing resource allocations such as advertising, promotions, and R&D to ensure they are consistent with the company’s marketing goals and target market.
6. Performance: Analyze company marketing metrics such as market share, customer satisfaction, and sales to determine if the company is meeting its marketing goals.
During this evaluation, we will identify more effective systems and replicate them. Then cut out unnecessary or ineffective elements to save costs. Determine the return on investment (ROI) you can get from your marketing system. If the numbers don’t match, or you want more convincing numbers, it’s a good time to save your money and stop using those platforms.
By considering these factors, business leaders can identify problems and opportunities and develop action plans to improve their company’s marketing performance.
Rearrange your brand.
Repositioning your company means changing your strategy to prepare for the future. Companies may choose to change their brand positioning by changing their products and services. Similarly, you can change your marketing strategy to re-establish your brand value. You can also change your image to appeal to a larger market.
To change marketing tactics and re-establish new brand values, business leaders can follow these steps:
1. Define new brand values ​​and align them with the company’s overall business objectives.
2. Communicate new brand values ​​to internal and external stakeholders and update marketing materials accordingly.
3. Align marketing tactics with new brand values ​​and target markets.
4. Monitor and measure the impact of new brand value on key metrics.
Employee resistance, misalignment with company culture, and loss of customer loyalty are among the challenges business leaders can face when changing brand values ​​and images. To overcome these challenges, business leaders should communicate the benefits of the new brand value to employees, work with stakeholders to gather feedback, monitor and measure the impact of the new brand value, and continuously improve. and foster a culture of innovation.
Focus on your growth.
When preparing for a recession, I’ve found it helpful to focus only on the things that will generate growth. This also allows us to increase our market share and ensure more opportunities when the economy recovers.
Some companies focus on the quality of their products and services in hopes that consumers will buy them during a recession. Others try to offer new and improved products and services. Finally, many companies focus on retaining existing customers. We do this by strengthening our relationships with our buyers. However, not all companies can execute these growth strategies alone. Consider what is best for your company.
These tips will help your business prepare for and survive a recession. These are applicable to all businesses including micro businesses, small businesses, etc. Remember, good preparation is a requirement for continuity and profitability of any business venture. We hope this information will give you an edge over your competitors, whether you are in a recession or not.
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