Profiting While Others Perish: Marketing Opportunities In Times of Economic Instability

On two occasions now, the president’s of two large companies have attacked me.

No, not by physical force. But they were genuinely concerned.

Turn on the TV, check the front few pages of any newspaper, listen to the radio and no doubt you’ll be bombarded with a chess match of mentally developed and not-so-understandably respected folks yelling at each other “recession-this” and “no-recession-that’”.

“A financial crisis here” says one lady, while the other ‘just-as-wise’ smiles her best smile, looks you in the eye and tells you “there is no financial crisis, this is a time of opportunity.” And just then, ten other well-greased analysts, and a couple of bow-tie clad economists declare there is no opportunity. Everyone must cut back and cushion their rear-ends in preparation for the big loss.

What’s happening really isn’t anything new in my view. Sure, parts of this dramatic play “have never been seen before”. But the economy, since the beginning of time, has had its ups and downs, its sidesteps, trips, hops, jumps and falls.

Being the way we are, we tend to forget that everything goes in cycles - and that this too shall pass.

I am by no means an analyst, nor an economist - so we’ll leave the end of this story to the men and women that can tell us each and every morning that they know what will happen in the future. I guess while I’m working out each morning, their reading their crystal balls…

So back to the concerns those two presidents had…

They both felt this economic wave was going to collapse their castles. They were genuinely worried, maybe even a little scared inside.

I reassured them that unless their foundation and walls were as brittle as a toasted almond sliver, they’d be fine (these two companies were built plenty sturdy).

“So Michael, we should buckle down then, right? Cut and curtail our spending and hiring, of course?” I’m quite positive many other business owners have been thinking the same thoughts. That’s human kind.

But letting these thoughts take over your strategic and business edge, that inside core that lit your passion for business, would be a mistake.

A HUGE MISTAKE

You see, now is the time to spend more. The greatest challenges provide the greatest opportunities.

Stick you head in the sand, build a wall around yourself….and you may or may not weather the storm. If you’re willing to take that gamble go ahead.

But there is a massive opportunity here. And like I told both these executives…the opportunity comes simply because most business owners will be cutting this special here, removing that benefit from there, snipping bonuses on this side, and demolishing ad and marketing spending on the other side.

Their voices changed…they both knew what I was getting to, what I had in mind. Because fewer people are spending to get their messages out, and are reducing the amount of money they can spend on pampering their clients and attracting new ones…by you spending more…you’ll be miles ahead…people are always buying something, and this is a great time to stand out, get noticed and acquire those new customers.

By no means am I recommending to increase your spending by 10x. I’m not even implying increasing your spending. What I’m suggesting,  because I’ve seen it work many times, is that you keep your spending going - continue investing in your business, your marketing and advertising.

This doesn’t change the need to test and track constantly.

So remember, there is always an opportunity around the corner. Look at your business’ current situation, follow what your competition is doing, and prepare…then go in for the jugular, move forward when all others are moving back. You will come out ahead. Market share and profits will be yours for the taking.

To your success,

Michael Zipursky