It’s hard to believe it’s already been more than ten years since the financial collapse in 2008. It doesn’t feel that long ago, because in many ways the effects are still being felt by those hardest hit. Just when we think the recession is finally behind us, storm clouds may be gathering on the horizon.
There have been rumours circulating that we’re headed into another economic downturn. The problem is that sometimes the market looks the strongest just before a recession, which can cause analysts to think that a recession is impossible. Although efforts have been made to ensure better oversight and guardrails, the next recession is essentially inevitable. After all, that’s the nature of a cyclical capitalist economy.
Even if the rumours are wrong, knowing how to prepare for a recession will also allow you to reduce financial risk within your business. No one can predict the future, but you can prepare for it. Using advanced customer relationship management software, like HubSpot, can help you build stronger foundations for tough economic times by growing your leads and closing with greater efficiency.
How to Prepare for a Recession by Using HubSpot Software
In a recession marketing is often cut before other departments, because sales take priority. Marketing is seen as a luxury.
You need to avoid this knee-jerk reaction. Even though customers buy less during recessions, marketing is more important than ever during a time of economic turmoil. When your customer pool shrinks, you need to be targeting leads with more efficiency, not less.
If you have a substantial marketing budget, it might be a tempting first piece of luggage to toss overboard when the ship starts to take on water. But first, you might want to look into HubSpot software and its inbound marketing philosophy.
Inbound marketing is a digital marketing strategy that uses content to attract leads and customers to your website. It is more affordable than traditional marketing and is often more effective.
A buyer persona will be developed and advertising content will be tailored to them. This ensures that you aren’t wasting time on people who won’t ever be customers. And during a recession, many people will fit that category.
By targeting the exact customers who will still need your goods and services during a recession, you’ll turn your marketing into an indispensable part of your business model by:
- Targeting leads with greater efficiency.
- Discovering leads you never thought existed.
- Saving money on marketing while making it work better.
And if the next recession doesn’t arrive in the near future, you’ll still be improving the way customers find your business.
The process from stranger to customer is called the “buyer’s journey”. By tracking customers along the buyer’s journey, HubSpot’s marketing software helps you improve website performance with excellent analysis tools to show you which strategies work and which don’t. You can even hire an inbound marketing agency to handle your HubSpot benefits.
This is especially helpful during a recession, because hiring a team of inbound experts gives you six marketing employees for the cost of one.
An inbound marketing agency is affordable during a recession.
By using software and specialists who save time and target leads more efficiently, you’ll save money on marketing, while getting better results, even if another recession hits.
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References:
https://www.vox.com/2018/9/18/17868074/financial-crisis-dodd-frank-lehman-brothers-recession
