There's a famous saying in investing that “the time to make money is when the blood is flowing in the streets.” This is paraphrased from Baron Rothschild, and forms the basis of the concept of ‘contrarian investing’.
That saying might seem a little bit crude by today's standards. Nonetheless, the principle behind this concept applies well to marketing - especially in the current climate.
If you pick up the paper, if you watch the news, if you go online, you've probably seen a whole lot of information and sort of conjecture out there about whether or not the economy slowing down.
Businesses are looking to spend less consumers are looking to spend less, the consumer economy is looking shaky, confidence is down, you catch my drift.
What this leads to is a situation where businesses think “let's pull back on marketing” because it's one of those easier costs to cut.
However, the truth is that when other businesses are pulling back from marketing - when things are slowing down - that's a prime opportunity to accelerate a bit more with yourmarketing and actually capture more market share and get yourself out in front of a bigger audience.
If your competitors are pulling back on their advertising and marketing efforts (and yours are growing) then all other things remaining equal, you should be able to get more exposure and results.
If you're able to keep your marketing machine running efficiently during tough times in the economy, then you can put yourself in a better position relative to your competition.
Much the same as someone who'd actually kept investing through the previous financial crisis, if you had kept going through the trough, when the next peak comes along, you're doing a lot better than everyone else who pulled back on their activities and had to sell out completely.
My challenge to you is to look for ways to keep your marketing going during “lean times” and actually scale it up using techniques and strategies that are cost effective.
You do not want to miss the opportunity to capitalise on your competitors reducing their marketing efforts - there’s never a better time to win a race than when the other runners are going backwards (or at the very least slowing down substantially).
I will be releasing much more content on how you can do marketing in a cost effective manner.
I’m dedicated to helping to show how you can “recession proof” your marketing to make as effective and affordable as possible in a potentially slowing economic environment.
To conclude, let’s revisit that original paraphrased quote from Baron Rothschild. Supposedly, the original quote was “"Buy when there's blood in the streets, even if the blood is your own."
Translating this to marketing, you could say “keep promoting, even when times are tough for your business”.