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How to Prepare for the Recession and Come Out Thriving with Dimple Dang
Episode 5720th October 2022 • Mesmerizing Marketing™ • Dimple Dang
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Welcome to the Mesmerizing Marketing Podcast, where we take a deep dive

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into the latest marketing trends, tools, and tips, and provide you

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with the top resources you need to thrive and make your marketing mesmer.

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And now here's your host Dimple.

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Dang.

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Hello, my MES Marketing Tribe.

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Today we are going to be talking about.

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How to prepare for the recession and come out thriving.

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Of course, you guys have been hearing a lot about the recession and it's

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coming and some people are saying it's here and you know as a business

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owner, as an entrepreneur, or even if you're in corporate America, it's

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really important to know how to prepare yourself for the recession, because

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the more prepared that you are, the better you're gonna come out of it.

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Right?

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on today's episode, I'm gonna be talking about what you can do

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now to make sure that you come out of this recession thriving.

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Let's start with the basics for people who are like, Well,

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what exactly is a recession?

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A recession is a prolonged period of an economic downturn that is

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both widespread and significant.

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It refers to a period of economic downturn that often lasts six months or longer.

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So I'm gonna share with you some tips and things that you can be doing now

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to make sure that you come out of this recession thriving and ahead.

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So one of the things that you can do is to secure financing before you.

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So if you're a business owner, one of the things that you can do is you can

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secure financing before you need it.

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You may not need the funds right now, but you don't wanna wait until the last

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minute when you do need them to then try to secure financing because then

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it is gonna take a bit of a process and at that point, , the banks might be

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overloaded with applications for loans because a lot of people are going to be

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in the same predicament that you're in.

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So be proactive and secure financing before you need it.

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If you don't need it, you can always pay it back.

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Or just, keep it in the bank or whatever we need to do.

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But it's better to get it early on.

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So keep that in.

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The other thing that you want to do is you want to protect your cash

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flow, because I'm sure you've heard the saying that cash is king, right,

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And you have to consider that.

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You know your customers, they might start paying you more slowly and

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you might have a more difficult time collecting accounts receivable.

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So what you can do now is you can make an effort to evaluate your

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clients and their paying habits.

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So if you know that they are ones that normally take a while

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to pay, You might want to start sending out your invoices earlier.

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You might want to make sure that you're sending out reminders, and

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I think that that's going to help you if you plan for it in advance.

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So you really wanna make sure that you're protecting your

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cash flow by staying on top of.

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You know what's coming in, what's not paid, what needs to be paid, and

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you know, really going after that.

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So keep that in mind.

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Then the other thing, and this one is really, really big, is

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that you don't wanna cut down on marketing during a recession.

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It's actually time to double down on your marketing if you wanna come

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out of the recession successful.

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Now let me back up to many, many years ago when I used to sell advertising

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in the Yellow Pages, and I used to sell online ads and things like

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that and Google paid sponsored ads.

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And I remember, you know, at a time when we were going through what you would call

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a recession, there were certain people that wanted to cut down on their market.

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and the people that cut down on their marketing actually ended up going outta

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business are lowering their revenues.

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And then there's a whole other group of people, they would contact me

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and they would request a meeting and they would say, You know what?

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I understand that we're going into recession, but I actually want to

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take advantage of this and I want to double down on my marketing.

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I want to basically take the market share away from the people that are

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going to be cutting back, because no matter what, there are some people

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that are gonna cut back, right?

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So what that means is for the people who are going to be smart about

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their business, They're able to take that market share and they're gonna

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come out of the recession thriving.

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Right?

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So it's not the time to really cut back on marketing.

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There are some other things that you can cut back on that maybe you should

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cut back on that we will talk about a little bit later on this episode.

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By the way, if you're enjoying this episode, make sure that you subscribe

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to the Mesmerizing Marketing Podcast, and I'd love it if you could leave

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me a positive five star review on Apple and put some comments there.

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Also, if you have other friends that are business owners, that are

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entrepreneurs, that are lawyers, that are content creators, share

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this episode with them because

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I think there's gonna be a lot of beneficial content that

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might just benefit them as well.

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So you wanna continue to invest in advertising and marketing and you know,

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businesses really have to be careful between distinguishing what's really

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necessary and what is wasteful, right?

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And part of building and maintaining a strong brand is one of the best ways

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to reduce your overall business risk.

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Building and maintaining strong brands.

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Is one of the best ways to reduce your business risk, right?

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Because a brand, as you know, is not built overnight.

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It takes years and years of marketing, of advertising, of creating content,

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of building brand recognition.

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And if you make the one mistake to stop doing that, to stop marketing.

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People almost think that you've gone out of business.

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And it's true because if you're not to be seen online and your

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competitors are, they think, Oh, well I don't see them anywhere.

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Maybe they're not in business anymore, and that's just reality, right?

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. In fact, according to a recent Forbes article, they stated that quote,

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brands should keep on advertising.

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The higher the marketing share of your brand and voice, the bigger

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the market share is going to be.

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Right?

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So that means that cutting marketing budgets during a recession, you

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know, even though it can provide like a temporary financial.

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, but in the long run, it's going to bring a decline in your business.

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Right.

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And also when you are marketing and advertising, it is a long term game.

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You're not immediately going to necessarily see the results, but

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when you consistently market and advertise and promote your business

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and brand, then you're going to reap the results and the rewards.

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Marketing is not an overnight.

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Building a brand is not a overnight thing.

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Those that are consistent and persistent and really are just, you

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know, coming through every single day, they're working towards building

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their brand, they're creating content.

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That is what it really takes to be successful.

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And maybe right away you may not see the results, but I can promise

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you if you continue marketing and advertising and promoting your brand and

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business, it's going to convert into.

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more revenue, more clients, and more brand credibility.

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And when you have more brand credibility, it equals more money and revenue for you.

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It equals growing your business as well.

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So keep that in mind.

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The other advantage of continuing to advertise doing a recession

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is that you can gain a bigger share of voice at a lower cost.

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Okay.

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Because if there's not that many people advertising, then some

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of the rates go down as well.

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Like if you were doing Facebook ads, right?

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Or, or maybe you're doing PPC ads when there's more competition, the cost per

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click goes up, The cost per you know, views goes up, all of that, right?

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But small businesses, entrepreneurs and corporations that are willing to invest

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in marketing are going to see accelerated growth even during an economic downturn.

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Right.

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And when you think about it, there's like that saying, when times

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are good, you should advertise.

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And when times are bad, you must advertise.

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That is a popular industry saying and quote, that you should actually

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really think about what it really means and what it means to you.

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And when you think about marketing, it helps you increase your visibility.

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So while other competitors in your industry may cut their marketing

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budgets, what you need to do is you need to capitalize on that and you

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need to dominate your space, right?

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So if you.

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A divorce lawyer and maybe other lawyers are cutting their budgets,

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well, this is your time to put more in and more effort into your marketing

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so that you can actually take over the space and that is possible.

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Right?

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So marketing is something.

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that helps educate your customers.

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It builds your brand, your mission statement, your value proposition, and

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really at the end of the day, it helps you get more clients and that equals

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more revenue, and that's what you really need to survive in a economic downturn.

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So think about that.

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And you know, don't think of marketing as a first thing to cut.

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So now let's actually talk about what type of expenses are unnecessary

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that you can cut back on, right?

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One of the things that might be costing you a ton of money every

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single month is having an office space.

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And when you think about it, when the pandemic first happened,

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Nobody went to the office anymore because everything was on lockdown.

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People were forced to work from home, and now when you think about it, if you

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are going to an office, but you also have space in your home to make a home office,

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and you're paying $2,000 a month or even a thousand dollars a month or whatever

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you're paying for your office space.

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Think about what you could do with that money, right?

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You could use that and put it back into your marketing.

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You could save some of that, and then you could invest some of it into something

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that's actually going to help you grow.

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You could hire a virtual assistant, right?

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So if you're paying, you know, two or $3,000 a month for office space,

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consider getting rid of that space.

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Maybe if you are like, Well, I do need a space to have meetings

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sometimes and things like that, and I can't do it in my home office.

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Well, there's a lot of co-working spaces and you can get a membership

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there and you can rent out conference rooms by the hour when you need them.

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I used to have a WeWork membership and an actual office space there, and it

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came with a certain number of credits that I could use towards conference room.

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You can also meet your clients and go to them where they are.

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You can also do your meetings via Zoom and all together, save all the

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time that you would be utilizing to be stuck in traffic, to get more done, to

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get, you know, more of your day back.

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And I.

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the day and age that we live in now versus like before the pandemic.

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Things have really changed and I the way people do business is very different

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and it's going to be different forever.

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The way people do business has been changed by the pandemic forever.

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It is now acceptable to say, Well, why don't we just do a zoom instead

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of meeting in person, Right?

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It is okay to do that, and if you prefer to meet in person, there's, there's

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nothing wrong with that, but it is gonna take you extra time out of your day.

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So I think it's about picking and choosing when you wanna meet

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someone in person and when you can do it over the phone or over zoom.

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The other thing that you can think about, When it comes to cutting

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down unnecessary expenses is maybe you have a lot of subscriptions

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that you don't even use, right?

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maybe you have hbo, maybe you have, you know, all of these different

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channels that you pay for on your cable and all of these subscriptions.

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Or maybe you have subscriptions to like, you know, food apps and different, you

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know, makeup, beauty boxes, but you're not really utilizing these things.

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Well take a look at that and see what you can cut back on because you

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might have even signed up for so many different tech platforms and paid

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things that you know you thought you were gonna use for your business.

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But if you haven't used them in the past 30 days and you continue

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to pay for them, you're probably not gonna use them anytime soon.

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So you could probably pause that subscription, maybe some

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vendors will let you pause.

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And then you can, you know, turn it on when you're actually

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gonna utilize that platform.

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So that might be something to consider.

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The other thing that you want to do is you wanna ask your team and your colleagues

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what you're doing right and what you're doing wrong, or what you can do better.

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Because when you get feedback, it's gonna help you run your.

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More efficiently and effectively because feedback is so important,

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and if you're not open to feedback, then you're missing out on improving.

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And if you don't improve, you're never going to be as

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successful as you can, right?

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So even if it's negative feedback, You can ask your team to anonymously fill

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out a form, and they don't have to put their name on it or anything, but

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that might give you some constructive criticism on how you can improve.

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And if maybe that helps you improve and you can retain more of your team so that

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you don't have turnover and you don't have to keep replacing them, The other thing

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is people will always need healthcare.

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that's still gonna do well.

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And then they're always gonna need day-to-day necessities, right?

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They're gonna need to eat, they're gonna need, you know, food, beverages.

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They might need wine.

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They're gonna drink alcohol.

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Especially when they're feeling down that a lot of people, you know, turn to that.

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Right.

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And they're gonna need day to day things like toilet paper, paper towels, right?

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Coffee, all those things.

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So you can think about too, if you were to open up a business during

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a recession, what's gonna do well?

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Well think about what people are gonna be spending their money on and what

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they're not gonna be spending their money.

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So, for example, maybe less people will be eating out, but more people

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will be buying more groceries and ordering more food, from from stores

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so that they can cook at home, right?

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Maybe they'll be ordering like a mini rice cooker or a crock pot.

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Think of it in terms of that.

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What are people gonna be doing, right?

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So I hope you enjoyed this episode.

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How to prepare for the recession and come out thriving.

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And if you enjoyed it, please share it.

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Please write me a five star review on Apple.

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I'd be so grateful to you.

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And if you need help with planning your marketing strategy for 2023

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and also figuring out what you should be doing, what you shouldn't

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be doing, reach out to me.

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Go to the show notes to fill out the form and I'd be happy

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to jump on a call for you.

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It's completely free, and I will see you guys next time.

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Thank you for listening to the Mesmerizing Marketing Podcast.

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If you found this episode valuable, please subscribe to the show so

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you don't ever miss an episode and also share it with your friends.

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Dimple would be so grateful if you could take a minute to leave

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a review and visit the podcast website to check out all the latest.

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At www.mesmerizingmarketingpodcast.com.

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That's www.mesmerizingmarketingpodcast.com.

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And follow Dimple on Clubhouse.

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Her handle is Marketing Expert and also join her mesmerizing marketing club.

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Also on Clubhouse for live rooms, on top marketing strategies for

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entrepreneurs and business owners who want to mesmerize their marketing.