Yes, things are going to be bumpy for a while. Here’s a USA Today article about ad spending, and it’s not pretty.
Don’t panic, though. This is the time for sane thinking. Keep marketing, cut back on other spending, and you can ride it out. If you cut your marketing, you’ll have a much harder time coming out of it, so try not to pull back there.
This business (like most businesses) has cycles–this is just the icky down-bit. It will get better. When? Well that’s the million-dollar question, of course, but sooner or later, it will. By keeping your head now, working on your vision, keeping in touch with old clients and new targets, when they do need someone, you are more likely to be top-of-mind.
Recessions are obviously bad for growth, but for some reason my bank deposits for July were higher than any other month since leaving my staff position. (Thank you, Lord.)
If you have an actual budget that was worked out, as opposed to saying, “I have an ‘extra’ $500, I think I’ll mail some promos,” you will be able to stay the course and continue on as if Coca-cola aren’t slashing their budget. Who cares about Coca-cola anyway, we should be paying attention to our own businesses, not theirs.
Unlike others, I don’t see a recession as COMPLETE gloom-and-doom. During a recession, people often have great sales and provide other incentives to encourage spending. There are some great opportunities to take advantage of. Just don’t be foolish.
I wonder if this recession will have a positive outcome that many aren’t seeing. I think Darwin’s Survival of the Fittest theory could be at play and in the long-run making the industry stronger. Can those who are desperate, and giving in to low balling, stay in business? Vegas Odds would probably say they will get day jobs before it all swings up again.
So I think, Leslie, the recession can be used to our advantage, providing everyone develops a budget, a good marketing strategy — and stays with the plan, the fittest will survive.