Do not confuse business growth with growth of market share. We are in for a tough period and few businesses will be able make the revenue and profit targets they once did. But this does not mean you are failing. If you can take more of the pie than you once did, you are setting your business up for serious growth in the years to come.
Let’s be real, increasing your market share in the current crisis and future recovery is not going to be easy. There will be ups and downs. There will possibly be times when you look at the money and energy going into marketing, and you look at the results being generated, and you question whether this is the right path.
But hold firm and trust in your plan.
Revenue will return to your market. Customers will be shaken free from existing businesses and at some stage they will need to once again make a purchasing decision.
Some of your competitors won’t make it.
Many of them will be so focused on survival that they won’t take the steps you’re considering and they will take many years to recover the revenue they had early in March 2020. As predicted many of them will aggressively cut their sales and
Opportunities will appear and the work to take advantage of them starts today.
The Recession Marketing Manifesto
Grow, shrink or fail? Today’s decisions will shape your future.
- I will understand why growing market share is easier in a recession than a boom
- I will ensure ‘survival’ is taken care of right now
- I will build a recession recovery team and give them budget and authority
- I will update my core messaging
- I will cut spending on the dumb stuff
- I will increase spending on the smart stuff
- I will learn from my customers and prospects
- I will learn from my competitors
- I will create offers which generate value
- I will build the best sales funnel in my market
- I will make my sales people and marketing people BFFs
- I will increase my market share (even when it gets hard)