The US economy will tip into a recession next year, according to nearly 70 percent of leading academic economists polled by the Financial Times.
For many businesses, this can be a very scary prediction.
But it does not need to be. It has been said that "Hard times make good men" and it is true (this also applies to women). The 10 years preceding the disease, whose name shall not be spoken, were a time of unprecedented prosperity. The problem with good times is that as business owners, we can get lazy because making money is easy. Now that recession is on the horizon, business owners have to get back to work, build up their defenses and prepare the business for the next 2 -3 years of hard times. But it is more than trimming expenses (although that is important), it is also about increasing top-line revenue, especially as inflation is pushing up costs. If your sales do not increase at least as fast as inflation, your business is actually losing profitability. Here is how we can help:
Let us help you evaluate the efficacy of each of your marketing campaigns. The 80/20 rule is almost always present here and you will find that a few of your campaigns contribute the lion's share of the revenue. By identifying the losing campaigns, you can assess whether it makes sense to continue with them or to switch them off.
Then, once the high-performing campaigns have been identified, we look for ways to make them even more effective. As an example, if one of your best-performing campaigns has an opt-in rate of 2% and by slight adjustments we can increase that to just 3%, that small increase translates to a 50% jump in revenue. That would make a big difference in anyone's company.
Finally, we look at those best-performing campaigns and see if there are any corollary opportunities where we can expand our reach into new areas. By using campaigns that are proven winners, we maximize the chances of the new campaign's success.
A recession is coming. In my mind, it is inevitable. If you do nothing now - before it strikes - you might be able to ride it out and come out the other side. But, you will be vulnerable, especially to the other business owners in your niche that are working hard right now to capitalize on every opportunity that they can for when the recession strikes. You do not want their opportunity to take your business, do you?
By taking aggressive action now, you place yourself on the side of prosperity and in a position where you can take advantage of your competitors' missteps and stumbles. Take their market share. Their customers. this is how you not only weather a recession but how you grow and become more prosperous. The other advantage is that you emerge strong while your competitors are tired and weak. Aggressively preparing now is your best course of action.
Let eLaunchers help evaluate and prepare your marketing. We are experts at lead generation, conversion and generating repeat business. All you need to do is CLICK HERE to schedule a complimentary call with Parthiv Shah.