Donald Trump, Republican Presidential candidate, predicts “the US economy [is] on the verge of a ‘very massive recession.’” Experts have argued the authenticity of Trump’s claims. Regardless of your political affiliation, all signs point to a global recession. Without sounding too technical, experts have pointed out factors affecting today’s economic trends. Reasons cited for the looming recession are the European situation, the problem of increasing student debt in America, the real unemployment rate, and the China crisis. Different experts have different takes on issues pertaining to the impending crisis.
Despite the disagreements in opinions or beliefs, one thing is for certain: small businesses will be directly impacted by the massive recession.
Many small business owners’ first instinct is to implement cost-cutting measures to stretch out their hard earned dollars. Oftentimes, advertising budget is the first to go. As a small business owner, the first thing you need to know is you must continue funding your advertising campaigns. Advertising is an important aspect of keeping your business alive and strong. You’re probably asking “Why fund my business’ marketing needs, when I can use the money on more important investments?”
The answer is simple. When other entrepreneurs are cutting their marketing budget, your business will be the lone star shining bright on a sky with empty clouds. Consumers will notice your business, because you have your market, with an anxious audience, all to yourself.
The key, however, is to know your return of investment. When you spend $500/month on marketing and your return of investment is $1000, then you’re on the upside. But if you’re spending the same amount and your return of investment is only $400, then you are on the downside and must reconsider cutting off or reducing your marketing budget.
As a survival tip, cutting down your marketing budget is beneficial, whether you’re on the upside or downside of your return of investment. You need to find cheaper, more efficient ways of marketing your small business. Launching your digital campaign is a good start for brand visibility. Social networking sites such as Facebook, Twitter, and Instagram are free ways to advertise your business.
Before we go any further, let me tell you this: delegating your social networking sites to your secretary, receptionist, or chief barista will not save you money. While your employees know and have social networking sites, they are not experts when it comes to social media engagement. Engaging new and old consumers require a different skill set. When you delegate your social media networking activities to untrained hands, you actually lose more money than when you hire a professional e-marketer who is well-equipped to handle your online press release (online PR), digital branding, and other digital marketing strategies.
When you hire a media marketing strategist, they will identify your business’ strengths and weaknesses. After analyzing your marketing metrics, your SEO Manager prepares a detailed business report. Depending on your budget and needs, your SEO manager may recommend creating a well-designed and responsive website packed with SEO strategies to drive traffic to your website and storefront. Other recommendations will be: limiting your print ads, utilizing your social media, generating contingency plans, and creating blogs, newsletters, and online PR.
It’s better to be prepared than be caught like a deer in headlights. Here are some survival tips for entrepreneurs: