Economic Contraction: Marketing Threat or Opportunity?
The morning headlines a couple weeks ago were a bit unsettling: “Q1 Economic Contraction WORSE Than Previously Thought.” Eeeek! Everyone remembers the pain of the “Great Recession” and the media has an uncanny ability to be fear mongers, so could this news potentially strike fear in the hearts of consumers again? We all know marketing is one of the first expenses to be cut when times are lean, so should businesses be sharpening their knifes? Or could this be a marketing opportunity?
In a previous life, not so long ago, I was an Economics teacher. I used to explain to my high school students how the economy is like a balloon: blow it up too fast, and too much and it will pop and be painful (i.e. 2008-2009). However, blow it up too slowly and too little and that’s painful as well (post 2009). The key is to have steady airflow with occasional small breaks for breath; look at any graph of US GDP growth you will see these ebbs and flows. But not all declines resulted in recession. They were simply the small breaks needed so the economy could take a breath. And hopefully that is all this most recent contraction is; unfortunately we wont know that for a while. But what can we do right now with this information?
I think businesses should remain cautiously optimistic and view this as a perfect time to test the waters of innovation and change in order to optimize positioning for future growth. Maybe you know you need to upgrade your digital presence but have been hesitant to add a full time team member with the skills to do so. Perhaps you know your user experience needs analyzed and overhauled but don’t think you can support the role forever. Or it could be that you just have a project in mind such as implementing a new CRM or MAP, but haven’t taken the time to commit a permanent team to the project. As the saying goes, “if not now, when?”
That’s where contractors and freelancers can be a huge asset to your marketing team! This staffing solution provides you with the best of both worlds!
- You can have highly specialized, subject matter experts dedicated to your specific needs.
- It is often a more cost-effective and affordable option compared to hiring a full-time permanent employee.
- The nature of contract work allows freelancers to be available immediately, increasing the timeliness and efficiency of project completion.
So although this economic news can be a bit scary, if approached correctly, there is immense opportunity to surprise the competition by making small changes to marketing strategy now in order to come out ahead as the economy starts growing again. And if you need help finding quality, proven contractors, Marketing Mob can help. We will assess your individual needs and find the perfect person for the job. So come on, give us a call! 404-806-9224