Transcripts
Welcome to the Mesmerizing Marketing Podcast, where we take a deep dive
Speaker:into the latest marketing trends, tools, and tips, and provide you
Speaker:with the top resources you need to thrive and make your marketing mesmer.
Speaker:And now here's your host Dimple.
Speaker:Dang.
Speaker:Hello, my MES Marketing Tribe.
Speaker:Today we are going to be talking about.
Speaker:How to prepare for the recession and come out thriving.
Speaker:Of course, you guys have been hearing a lot about the recession and it's
Speaker:coming and some people are saying it's here and you know as a business
Speaker:owner, as an entrepreneur, or even if you're in corporate America, it's
Speaker:really important to know how to prepare yourself for the recession, because
Speaker:the more prepared that you are, the better you're gonna come out of it.
Speaker:Right?
Speaker:on today's episode, I'm gonna be talking about what you can do
Speaker:now to make sure that you come out of this recession thriving.
Speaker:Let's start with the basics for people who are like, Well,
Speaker:what exactly is a recession?
Speaker:A recession is a prolonged period of an economic downturn that is
Speaker:both widespread and significant.
Speaker:It refers to a period of economic downturn that often lasts six months or longer.
Speaker:So I'm gonna share with you some tips and things that you can be doing now
Speaker:to make sure that you come out of this recession thriving and ahead.
Speaker:So one of the things that you can do is to secure financing before you.
Speaker:So if you're a business owner, one of the things that you can do is you can
Speaker:secure financing before you need it.
Speaker:You may not need the funds right now, but you don't wanna wait until the last
Speaker:minute when you do need them to then try to secure financing because then
Speaker:it is gonna take a bit of a process and at that point, , the banks might be
Speaker:overloaded with applications for loans because a lot of people are going to be
Speaker:in the same predicament that you're in.
Speaker:So be proactive and secure financing before you need it.
Speaker:If you don't need it, you can always pay it back.
Speaker:Or just, keep it in the bank or whatever we need to do.
Speaker:But it's better to get it early on.
Speaker:So keep that in.
Speaker:The other thing that you want to do is you want to protect your cash
Speaker:flow, because I'm sure you've heard the saying that cash is king, right,
Speaker:And you have to consider that.
Speaker:You know your customers, they might start paying you more slowly and
Speaker:you might have a more difficult time collecting accounts receivable.
Speaker:So what you can do now is you can make an effort to evaluate your
Speaker:clients and their paying habits.
Speaker:So if you know that they are ones that normally take a while
Speaker:to pay, You might want to start sending out your invoices earlier.
Speaker:You might want to make sure that you're sending out reminders, and
Speaker:I think that that's going to help you if you plan for it in advance.
Speaker:So you really wanna make sure that you're protecting your
Speaker:cash flow by staying on top of.
Speaker:You know what's coming in, what's not paid, what needs to be paid, and
Speaker:you know, really going after that.
Speaker:So keep that in mind.
Speaker:Then the other thing, and this one is really, really big, is
Speaker:that you don't wanna cut down on marketing during a recession.
Speaker:It's actually time to double down on your marketing if you wanna come
Speaker:out of the recession successful.
Speaker:Now let me back up to many, many years ago when I used to sell advertising
Speaker:in the Yellow Pages, and I used to sell online ads and things like
Speaker:that and Google paid sponsored ads.
Speaker:And I remember, you know, at a time when we were going through what you would call
Speaker:a recession, there were certain people that wanted to cut down on their market.
Speaker:and the people that cut down on their marketing actually ended up going outta
Speaker:business are lowering their revenues.
Speaker:And then there's a whole other group of people, they would contact me
Speaker:and they would request a meeting and they would say, You know what?
Speaker:I understand that we're going into recession, but I actually want to
Speaker:take advantage of this and I want to double down on my marketing.
Speaker:I want to basically take the market share away from the people that are
Speaker:going to be cutting back, because no matter what, there are some people
Speaker:that are gonna cut back, right?
Speaker:So what that means is for the people who are going to be smart about
Speaker:their business, They're able to take that market share and they're gonna
Speaker:come out of the recession thriving.
Speaker:Right?
Speaker:So it's not the time to really cut back on marketing.
Speaker:There are some other things that you can cut back on that maybe you should
Speaker:cut back on that we will talk about a little bit later on this episode.
Speaker:By the way, if you're enjoying this episode, make sure that you subscribe
Speaker:to the Mesmerizing Marketing Podcast, and I'd love it if you could leave
Speaker:me a positive five star review on Apple and put some comments there.
Speaker:Also, if you have other friends that are business owners, that are
Speaker:entrepreneurs, that are lawyers, that are content creators, share
Speaker:this episode with them because
Speaker:I think there's gonna be a lot of beneficial content that
Speaker:might just benefit them as well.
Speaker:So you wanna continue to invest in advertising and marketing and you know,
Speaker:businesses really have to be careful between distinguishing what's really
Speaker:necessary and what is wasteful, right?
Speaker:And part of building and maintaining a strong brand is one of the best ways
Speaker:to reduce your overall business risk.
Speaker:Building and maintaining strong brands.
Speaker:Is one of the best ways to reduce your business risk, right?
Speaker:Because a brand, as you know, is not built overnight.
Speaker:It takes years and years of marketing, of advertising, of creating content,
Speaker:of building brand recognition.
Speaker:And if you make the one mistake to stop doing that, to stop marketing.
Speaker:People almost think that you've gone out of business.
Speaker:And it's true because if you're not to be seen online and your
Speaker:competitors are, they think, Oh, well I don't see them anywhere.
Speaker:Maybe they're not in business anymore, and that's just reality, right?
Speaker:. In fact, according to a recent Forbes article, they stated that quote,
Speaker:brands should keep on advertising.
Speaker:The higher the marketing share of your brand and voice, the bigger
Speaker:the market share is going to be.
Speaker:Right?
Speaker:So that means that cutting marketing budgets during a recession, you
Speaker:know, even though it can provide like a temporary financial.
Speaker:, but in the long run, it's going to bring a decline in your business.
Speaker:Right.
Speaker:And also when you are marketing and advertising, it is a long term game.
Speaker:You're not immediately going to necessarily see the results, but
Speaker:when you consistently market and advertise and promote your business
Speaker:and brand, then you're going to reap the results and the rewards.
Speaker:Marketing is not an overnight.
Speaker:Building a brand is not a overnight thing.
Speaker:Those that are consistent and persistent and really are just, you
Speaker:know, coming through every single day, they're working towards building
Speaker:their brand, they're creating content.
Speaker:That is what it really takes to be successful.
Speaker:And maybe right away you may not see the results, but I can promise
Speaker:you if you continue marketing and advertising and promoting your brand and
Speaker:business, it's going to convert into.
Speaker:more revenue, more clients, and more brand credibility.
Speaker:And when you have more brand credibility, it equals more money and revenue for you.
Speaker:It equals growing your business as well.
Speaker:So keep that in mind.
Speaker:The other advantage of continuing to advertise doing a recession
Speaker:is that you can gain a bigger share of voice at a lower cost.
Speaker:Okay.
Speaker:Because if there's not that many people advertising, then some
Speaker:of the rates go down as well.
Speaker:Like if you were doing Facebook ads, right?
Speaker:Or, or maybe you're doing PPC ads when there's more competition, the cost per
Speaker:click goes up, The cost per you know, views goes up, all of that, right?
Speaker:But small businesses, entrepreneurs and corporations that are willing to invest
Speaker:in marketing are going to see accelerated growth even during an economic downturn.
Speaker:Right.
Speaker:And when you think about it, there's like that saying, when times
Speaker:are good, you should advertise.
Speaker:And when times are bad, you must advertise.
Speaker:That is a popular industry saying and quote, that you should actually
Speaker:really think about what it really means and what it means to you.
Speaker:And when you think about marketing, it helps you increase your visibility.
Speaker:So while other competitors in your industry may cut their marketing
Speaker:budgets, what you need to do is you need to capitalize on that and you
Speaker:need to dominate your space, right?
Speaker:So if you.
Speaker:A divorce lawyer and maybe other lawyers are cutting their budgets,
Speaker:well, this is your time to put more in and more effort into your marketing
Speaker:so that you can actually take over the space and that is possible.
Speaker:Right?
Speaker:So marketing is something.
Speaker:that helps educate your customers.
Speaker:It builds your brand, your mission statement, your value proposition, and
Speaker:really at the end of the day, it helps you get more clients and that equals
Speaker:more revenue, and that's what you really need to survive in a economic downturn.
Speaker:So think about that.
Speaker:And you know, don't think of marketing as a first thing to cut.
Speaker:So now let's actually talk about what type of expenses are unnecessary
Speaker:that you can cut back on, right?
Speaker:One of the things that might be costing you a ton of money every
Speaker:single month is having an office space.
Speaker:And when you think about it, when the pandemic first happened,
Speaker:Nobody went to the office anymore because everything was on lockdown.
Speaker:People were forced to work from home, and now when you think about it, if you
Speaker:are going to an office, but you also have space in your home to make a home office,
Speaker:and you're paying $2,000 a month or even a thousand dollars a month or whatever
Speaker:you're paying for your office space.
Speaker:Think about what you could do with that money, right?
Speaker:You could use that and put it back into your marketing.
Speaker:You could save some of that, and then you could invest some of it into something
Speaker:that's actually going to help you grow.
Speaker:You could hire a virtual assistant, right?
Speaker:So if you're paying, you know, two or $3,000 a month for office space,
Speaker:consider getting rid of that space.
Speaker:Maybe if you are like, Well, I do need a space to have meetings
Speaker:sometimes and things like that, and I can't do it in my home office.
Speaker:Well, there's a lot of co-working spaces and you can get a membership
Speaker:there and you can rent out conference rooms by the hour when you need them.
Speaker:I used to have a WeWork membership and an actual office space there, and it
Speaker:came with a certain number of credits that I could use towards conference room.
Speaker:You can also meet your clients and go to them where they are.
Speaker:You can also do your meetings via Zoom and all together, save all the
Speaker:time that you would be utilizing to be stuck in traffic, to get more done, to
Speaker:get, you know, more of your day back.
Speaker:And I.
Speaker:the day and age that we live in now versus like before the pandemic.
Speaker:Things have really changed and I the way people do business is very different
Speaker:and it's going to be different forever.
Speaker:The way people do business has been changed by the pandemic forever.
Speaker:It is now acceptable to say, Well, why don't we just do a zoom instead
Speaker:of meeting in person, Right?
Speaker:It is okay to do that, and if you prefer to meet in person, there's, there's
Speaker:nothing wrong with that, but it is gonna take you extra time out of your day.
Speaker:So I think it's about picking and choosing when you wanna meet
Speaker:someone in person and when you can do it over the phone or over zoom.
Speaker:The other thing that you can think about, When it comes to cutting
Speaker:down unnecessary expenses is maybe you have a lot of subscriptions
Speaker:that you don't even use, right?
Speaker:maybe you have hbo, maybe you have, you know, all of these different
Speaker:channels that you pay for on your cable and all of these subscriptions.
Speaker:Or maybe you have subscriptions to like, you know, food apps and different, you
Speaker:know, makeup, beauty boxes, but you're not really utilizing these things.
Speaker:Well take a look at that and see what you can cut back on because you
Speaker:might have even signed up for so many different tech platforms and paid
Speaker:things that you know you thought you were gonna use for your business.
Speaker:But if you haven't used them in the past 30 days and you continue
Speaker:to pay for them, you're probably not gonna use them anytime soon.
Speaker:So you could probably pause that subscription, maybe some
Speaker:vendors will let you pause.
Speaker:And then you can, you know, turn it on when you're actually
Speaker:gonna utilize that platform.
Speaker:So that might be something to consider.
Speaker:The other thing that you want to do is you wanna ask your team and your colleagues
Speaker:what you're doing right and what you're doing wrong, or what you can do better.
Speaker:Because when you get feedback, it's gonna help you run your.
Speaker:More efficiently and effectively because feedback is so important,
Speaker:and if you're not open to feedback, then you're missing out on improving.
Speaker:And if you don't improve, you're never going to be as
Speaker:successful as you can, right?
Speaker:So even if it's negative feedback, You can ask your team to anonymously fill
Speaker:out a form, and they don't have to put their name on it or anything, but
Speaker:that might give you some constructive criticism on how you can improve.
Speaker:And if maybe that helps you improve and you can retain more of your team so that
Speaker:you don't have turnover and you don't have to keep replacing them, The other thing
Speaker:is people will always need healthcare.
Speaker:that's still gonna do well.
Speaker:And then they're always gonna need day-to-day necessities, right?
Speaker:They're gonna need to eat, they're gonna need, you know, food, beverages.
Speaker:They might need wine.
Speaker:They're gonna drink alcohol.
Speaker:Especially when they're feeling down that a lot of people, you know, turn to that.
Speaker:Right.
Speaker:And they're gonna need day to day things like toilet paper, paper towels, right?
Speaker:Coffee, all those things.
Speaker:So you can think about too, if you were to open up a business during
Speaker:a recession, what's gonna do well?
Speaker:Well think about what people are gonna be spending their money on and what
Speaker:they're not gonna be spending their money.
Speaker:So, for example, maybe less people will be eating out, but more people
Speaker:will be buying more groceries and ordering more food, from from stores
Speaker:so that they can cook at home, right?
Speaker:Maybe they'll be ordering like a mini rice cooker or a crock pot.
Speaker:Think of it in terms of that.
Speaker:What are people gonna be doing, right?
Speaker:So I hope you enjoyed this episode.
Speaker:How to prepare for the recession and come out thriving.
Speaker:And if you enjoyed it, please share it.
Speaker:Please write me a five star review on Apple.
Speaker:I'd be so grateful to you.
Speaker:And if you need help with planning your marketing strategy for 2023
Speaker:and also figuring out what you should be doing, what you shouldn't
Speaker:be doing, reach out to me.
Speaker:Go to the show notes to fill out the form and I'd be happy
Speaker:to jump on a call for you.
Speaker:It's completely free, and I will see you guys next time.
Speaker:Thank you for listening to the Mesmerizing Marketing Podcast.
Speaker:If you found this episode valuable, please subscribe to the show so
Speaker:you don't ever miss an episode and also share it with your friends.
Speaker:Dimple would be so grateful if you could take a minute to leave
Speaker:a review and visit the podcast website to check out all the latest.
Speaker:At www.mesmerizingmarketingpodcast.com.
Speaker:That's www.mesmerizingmarketingpodcast.com.
Speaker:And follow Dimple on Clubhouse.
Speaker:Her handle is Marketing Expert and also join her mesmerizing marketing club.
Speaker:Also on Clubhouse for live rooms, on top marketing strategies for
Speaker:entrepreneurs and business owners who want to mesmerize their marketing.
