In episode #1340, we share how you can safeguard your marketing during an economic downturn. A crisis like the COVID-19 can have an astronomical impact on the economy, but if you make smart decisions now, you can thrive in a recession while everyone else is having a hard time. Tune in to hear why this is not a time to invest in long-term strategies and why you should stockpile as much cash as possible.
TIME-STAMPED SHOW NOTES:
[00:25] Today’s topic: How to Safeguard Your Marketing During An Economic Downturn.
[00:31] The impact that COVID-19 is having on the global economy.
[01:01] Even if your company is not being affected, the stock market is.
[01:11] Avoid investing in long-term strategies and focus on anything related to performance.
[01:48] During the previous recession, budgets shifted from TV ads to pay-per-click.
[02:12] Be sure to diversify and go omnichannel and keep doing SEO and content marketing.
[02:33] A downturn is no time to test out new unproven channels.[02:50] You might have a bigger pool of talented employees and get them at lower costs.
[03:05] Mergers and acquisitions will go for better deals.
[03:39] Stockpile cash so that you can act quickly when the recession is over.
[04:28] Have contingency plans in place and cut on nonessential expenses.
[05:27] When things are uncertain, there are opportunities for you to thrive.
[05:58] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information.
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