3 ways your business can survive an economic downturn without layoffs or marketing budget cuts
Prevention-focused companies prioritize making defensive moves and are more concerned with avoiding losses and minimizing risks. Examples would be conducting , cutting expenses, and reducing marketing and expansion. Promotion-focused companies do the complete opposite and spend a lot more on advertising and expansion to try to beat their competition. The pragmatic and progressive companies, on the other hand, do a combination of both offense and defense.
You'll have to take some time to analyze your business to find areas of change, but here are some to get you started:Consider going remote to save on office expensesSave energy by reducing usage or changing work environmentsI mentioned that during the pandemic, I refused to stop marketing because I had learned my lesson years before. But the other hill I was ready to die on was not doing any layoffs, which is a common first move many companies make to save money.
For example, LG Electronics' slogan is"Life's Good," but they didn't use it in their marketing during the 2008 recession because they did not want to seem out of touch with members of their audience who could be struggling. For example, a gym membership may seem like a luxury when times are tough, but reframing your message to say that exercise helps families cope with stress and maintain health and happiness will sit with them more comfortably.
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