3 Ways Your Agency Can Thrive In An Economic Recession
What should you do to make sure your agency can survive an economic recession? How can you be proactive during difficult times? There’s a lot going on in the world right now. Agencies all over the world are seeing clients are halting projects or cutting back on spending. Agencies are losing deals in the pipeline. And, this is not isolated to the agency industry of course. So, the result could be disastrous to the economy… Can your agency survive — or even thrive — in a recession?
It’s understandable. Society is being reactive to a frightening situation. We are at the threshold of a downturn in the economy. How can your agency not only survive but grow in a recession? Well, the good news is, you can flip current conditions to benefit your business.
1. Uncover New Opportunities
I know it sounds cliche, but it’s time to get creative and think outside the box. Do your clients rely on conferences or trade shows to find prospects? Those are getting canceled, so now’s the time to invest in more digital. Do they do a lot of presentations at speaking events? Now’s the time to help them move to video. Brick and mortar businesses are starting to suffer — help them start or ramp up their e-commerce. Here’s my video with more thoughts:
2. Discover a New Way to Prospect
I’ve been saying it for years and particularly this year — it’s time to start a podcast. I started the Smart Agency Masterclass six years ago and it continues to be our #1 prospecting tool! Why a podcast? I mean, why not a podcast! It’s so much easier than you think. The benefits of podcasts far exceed the amount of work involved. It does take time to build your listenership but when you provide relevant and consistent podcast content you build your authority exponentially. And, you’re literally in your listeners’ ears everywhere they go. They can listen on their commute, on the go, waiting in lines… people are using podcasts to learn while they’re on the move. So why shouldn’t they learn from you? I still believe this is the #1 Strategy for 2020, and it’s not ironic that my podcast went to 2 shows per week in 2020. We’re doubling down! (Here’s the video I created in December 2019 with more info)
3. Don’t Participate in the Recession
I get it. I know it’s scary and your knee jerk reaction might be to reduce spending because your prospects and clients are pulling back. Resist the temptation to participate in the recession. Invest in your business. Spend money on client prospects; whatever platforms you prefer your cost per lead is going to be so low! Don’t save. Don’t cut back. Now’s the time to spend so you can grow while your competition is floundering.
Often times when the economy takes a hit, in-house marketing teams are the first to go. Capitalize on that opportunity by finding new clients and raising your prices. It’s a win-win. Your increased prices are still a savings compared to supporting an in-house team.
What else are you doing to combat a potential recession? Comment below and tell me how you’re thinking outside the box. Also what challenges are you facing in these uncertain times? Ask your questions and let us help you through these uncertain times. As always, my team and I are here to help, listen, and advise.