“Sometimes you just have to go and do the things that others won’t. You have to get back on that new business grind and do those things that don’t necessarily scale. Maybe things that you haven’t done for a while.”
Before recording Part 2 of the Marketing Quick Start Episode, we heard from a business owner that the current economic climate has been hurting their business. If you feel that way too, don’t worry, you’re not alone. We’ve heard from many business owners that the last few months have been a struggle.
So, this episode is all about tips for running your business during a recession. And even if you’re not feeling the squeeze of the current economic conditions, we hope that this episode helps prepare your business for maybe a harder season down the road, should you ever experience one.
The question we received went something like, “How can I increase my bookings in a recession?”
We did our best to provide some actionable advice for this season…
Find it quickly here (in the podcast):
0:00 Intro
06:49 Step #1 Doing things that other won’t
10:45 Step #2 Focusing on other areas of your business
11:55 Step #3 Rework your pricing and collections
14:23 Step #4 Reframe the approach
15:27 Step #5 Investigate opportunities
18:07 Step #6 Evaluate your spending
20:38 Step #7 Ramping up lead generation
23:01 Step #8 Be patient
9 Tips for Running Your Business during a Recession
Whether or not your feeling the pinch of a recession, it’s likely worthwhile taking some time to ponder these tips. We elaborate on each of these points in the episode, but if you’re in a rush, here are the notes:
- Get back on to that new business grind: Be willing to do the things that don’t scale. That might include more networking, going the extra mile for clients, and brainstorming new ways to serve clients. Just think about how creative businesses got during the early days of the pandemic.
- Focus on other areas of your business: Are there more affordable options you can provide? For instance, we offer semi-custom brands for a fraction of the cost of our custom brand work. Are there new services you could offer? Mini sessions for portrait photographers.
- Rework your pricing and collections based on the current economic climate: This doesn’t mean you have to lower your prices! But reflect on whether there are new collections you can offer or if there’s something you can add to your collections to make them seem like better a better value purchase in this season where people are more careful with their money. Think: What is the 80% people really care about?
Look for ways to add value without adding hard costs for you. Example: print model photographer throwing digitals into a collection. Not a forever thing. But if you’re struggling, investigate where the hold up is for people.
- Shift the language you’re using around your pricing. People are looking for ways to save money. This is especially true for businesses serving other businesses. Instead of using “make more money” language, shift to using “save money” language.
- Investigate opportunities: Is now the time to launch that course you always wanted to launch or create a new product? Maybe you could pivot and find a way your business could serve other businesses? Or could you add another arm to your business like offering a photo booth for weddings?
Warning: Be careful about adding to your business or pivoting. This does come with it’s own cost. - Evaluate your spending: What subscriptions to tools can you cut? Are there cheaper alternatives? Don’t develop a fear or scarcity mindset around money in this season, but act prudently.
- Evaluate your saving: Have a 6+ month reserve savings account can really take the pressure off in these seasons. Obviously it might be tough to create savings while things are tough, but prioritize this once things get better!
- Be patient: The economy is cyclical. It always bounces back and typically stronger than before.
- Ramp-up lead generation: Focus on connecting with people (online and in real life)and creating a pipeline for consistently getting leads. If you can do this in a tough season, you’ll be unstoppable when things improve!
Have your own tip? Find something helpful? Have a question? Just drop it in the comments or connect with us on Instagram.
Resources from the podcast:
Marketing Quick Start Guide Pt 1
Marketing Quick Start Guide Pt 2
The Power of Moments by Heath Brothers
The Lipstick Index Effect by Ashlyn Carter
How to Cut Though the Noise in 2023 with Ashlyn Carter
Shopify
VIEW THE COMMENTS
Add A Comment