American leaders have, for over a century, shared a certain preoccupation: planning — and more importantly, the costs of neglecting to do so. To fail to plan is to plan to fail, according to Benjamin Franklin (perhaps apocryphally). It was a central point in the 1970s bestseller You Can Become the Person You Want To Be, by Robert Mullen. And none less than the Wizard of Westwood — college basketball coach John Wooden — made it a central point of his coaching strategy.
What was good advice in the 18th century is just as valuable now, when business, media, and political cycles seem to move at ever-faster speeds. By carefully considering past downturns, we’ve uncovered some timeless lessons on how to recession-proof your business. What you’ll see below are the most crucial arguments from our co-founder, Ben Dandurand’s, deep dive into lessons learned from previous downtowns. You can see all of Ben’s findings — across a three-part series — here. Otherwise, you’ll find our most crucial strategies below.
Remember: The most salient point you’ll find here is that smart strategy can get around nearly any complication — and there’s never a bad time to think big. As another American leader — in this case, architect Daniel Burnham, a pioneer of the City Beautiful movement — put it: “Make no little plans. They have no magic to stir men's blood.”
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#1: Keep your focus on ROI
What drives your company’s best ROI? Whatever channel it is, you’ll want to ensure that your content directly addresses your audience's pain points, provides clear value, and drives readers to a page designed to convert.
Not sure where your best ROI is? This is a good time to bring in outside help to identify it. Now is not the time to stop your marketing efforts — now is the time to create a lean and efficient marketing machine that measures and delivers on your organization's goals.
#2: Prioritize speed and agility
How fast can your team move? If they’d need, for example, two weeks to figure out how to launch a campaign in a new venue, then you need outside support until you can hire and train the right people. The purpose of speed and agility is to be able to quickly capitalize on opportunities during economic times when your competitors may be slower to respond. In past recessions, first movers were rewarded significantly more than their competitors compared to periods of economic boom.
Read that again: The speed advantage is even higher during a downtown, when your competitors may be slower off the mark. There’s a real opportunity here for leapfrogging your competition, but you’ll need to be honest about whether your team is built for speed — and how to get it from other sources if not.
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#3: Target narrow, not broad
Shift your strategies from broad reach to pinpoint targeting, while delivering original and meaningful content to specific pain points (or as we like to call it “hair-on-fire” problems). Ensure your digital experience is seamless across all channels so customers can convert anywhere in the funnel, on any device. An incoherent experience across channels is a conversion killer for omni-channel marketing strategies, especially when your audience might be more stressed or distracted than usual.
#4: Communicate your humanity to your customers
It’s always a good time to remind your customers that they’re not talking to a bot. In times of shared stress, a little bit of well-communicated humanity goes a long way. If there’s less budget for awareness campaigns, it becomes crucial to retain customers and nurture those relationships. As your customers’ budgets tighten, they’ll be more likely to buy from people than big businesses — emails should be signed with the founder’s name and other messages or copy attributed to a meaningful source whenever possible. It’s a good time to build human-sounding About pages, stressing local and community ties wherever possible. Downtowns create isolation — if there are community aspects within your buying environment (such as group or interactive projects or experiences, or emails/other website copy that incorporates commentary from buyers) , this would be a good time to prioritize them.
#5: Give your customers what they really want
For the majority of companies, this doesn’t have to be a difficult procedure. Often it can be as simple as asking or interviewing your best, or worst, customers to see what you got right, and where you fell short. Utilizing your sales and customer service teams can be a great resource for getting in tune with your customer's wants and needs — then deliver what you can.
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