3 Action Items For Tomorrow
Recession?
Every day for the last three weeks this seems to be the topic of every trending news article, personal and professional conversation. Those that know me well know that aside from marketing my other passion is economics. After all, how could I not love economics if I love marketing, so many of our decisions in funnels have everything to do with understanding markets, both finical and demographic? In this edition, I break down those economic questions I get asked by my mentees, colleagues, partners, and friends.
1. Are fuel prices impacting in-person events? - Eileen Wennekers, Swift Meetings
Key Takeaway: The answer is yes, we all know that as prices of airline tickets are rising fewer people will purchase them. The key question is for how long? 12-18 months. Harsh, but fair, if you haven't already, invest in hybrid experiences. Realize that just as your in-person attendees expect more each year so do your virtual attendees.
2. What data can I give to keep my Marketing budget from getting cut in a recession? - HBR
Key Takeaway: To C-suite or a Board the key is to pitch gaining market share. If all your competitors zig now is your time to zag. Increasing ad spend by 25% grew revenues by 8% and profits by 14%. You might say "Okay Noah, but this is only one company". You are right, do your research, if you don't monitor your competitors' ad spend stop reading and go do that right now. Just because customers sales may be shrinking doesn't mean your sales have to (or that all their sales are shrinking some customers will grow, find them). If you don't know how DM me!
3. Do recessions effect my ICP(s) industry? - Motley Fool
Key Takeaway: This gets asked quietly, mostly by people that know me well. While we can't predict perfectly yes or no, and not all customers will be hurt by recession as they pivot or steal market share there are a few industries that have proven resilient in the past. These are Healthcare, Consumer Staples, Energy (Utilities), and Low-cost retailers. My advice is, be flexible and willing to reevaluate your ICP, check new fringe/edge cases for new markets, pay attention to those that are pivoting and why.
If you like this content please share it with a friend! If you have feedback please do not hesitate to DM me!