Nathan Wade’s Post

The recession this year is significantly impacting small and medium-sized enterprises (SMEs). . And there is no amount of marketing or even branding that could help businesses to survive and thrive... . IF we don’t have the right products or services in place. . Or even strategic locations for brick & mortar. . Not all businesses are affected obviously. . But for some SMEs (if not most), this year has been extremely challenging. . Even the larger ones due to higher operational expenses. . . . . So here’s my 2 pennies worth. Definitely not a "one size fits all" solution. . The trump card is in the offer. The pivoting. . Be it the main product nor the self liquidating offer. . Innovate around the current market conditions. . What problems is your target market facing this year and what do they want to solve immediately? . Craft your business around that. And then only think about the rest of the strategies and tactics. . . . . Yes it’s not that simple. Easier said that done. . But having said that, this is where one’s IQ is being put to REAL test. . The critical thinking. The mode of operation. The ability to make the right decisions fairly quickly. . The EQ traits like adaptibility, willpower, prudence and being highly AWARE of one’s surroundings. . Being aware of where do people spend nowadays. Where has the market shifted to. . What is expanding, what is changing and what is shrinking. . . . . Talk to your current customers. Or people around you who buy from your competitors. . Talk to other business owners. . Never make assumptions. . You’ll be surprised how much invaluable insights you get to discover to aid in better decision making. . . #BrandHack #BadassSociety

Recession-Proofing Your Product The economy is not the greatest. It’s no secret. With consumers becoming increasingly cautious about their spending, prioritizing essential products and services, the pendulum of the willingness to pay is swinging in the other direction. Here are three key areas where product marketers can recession proof the product during economic uncertainty: 🎯 Emphasize Your Value Proposition: In times of financial uncertainty, customers need to know that your product is worth their investment. They want to know can your product help them save money, time, or resources in the long run. Reposition your product as a necessary investment rather than a shiny new object, and adjust your messaging to demonstrate empathy and understanding for your customers' financial concerns. 💡 Talk with Product on Adaptation: Consumer needs and preferences, in any industry, shift during a recession. Work closely with product development teams to identify opportunities to create more affordable or streamlined versions of your products that still deliver core benefits. 💸 Explore Flexible Pricing Options: Make your products more accessible to cost-conscious consumers and companies by exploring flexible pricing options, such as subscription models or pay per usage. By providing a range of options, you can cater to customers with varying budgets and help them justify the investment in your product. Product marketers who proactively adapt their strategies to address changing consumer needs and preferences during a recession will be better equipped to help their companies navigate the challenges of economic uncertainty. #productmarketing

Recession? Downturn? Economic Decline? Whatever you choose to call it when there’s a slump in the economy, it can be pretty bad news for businesses. Unfortunately, during a financial crisis companies trying to preserve profits (in the short term) will often target the marketing department (and the marketing budget) as one of the first places to cut costs. Don’t panic marketers! We aren’t currently in a recession, but since the pandemic many business leaders have been feeling a lot of uncertainty overall. Benjamin Franklin once said, “By failing to prepare, you’re preparing to fail.” So here are a couple tips that can help during trying economic times. The first thing I recommend is that you have a clear process and strategy in place for your marketing efforts. This includes measurable goals and a marketing plan for how to meet those goals — something you should have regardless of what’s going on in the economy. Having a strong process in place will allow you to stay calm under pressure and to continue executing strategically, if and when there is less money to go around. Secondly, if you are able to, economic downturns can be a great time to focus on strategies to increase market share. ”Buy low, sell high.” That’s how stock brokers make their money. And, it’s that kind of thinking that marketing departments should have during a down economy. Acquiring customers during a recession allows a business to increase their market share for a fraction of the true cost. Doing this will position the company for growth when the market recovers. *A down economy can have some positive aspects when trying to increase customer share. The cost of advertising, particularly on digital platforms, could drop significantly. And while this could mean fewer leads, if your competitors aren’t spending YOUR $ WILL GO FURTHER! While these tips can't guarantee immunity from economic downturns, they can significantly improve your chances of making it through uncertain times when many others do not. #Marketing #Speaker #BusinessLeadership

Are you concerned about the economy, volatility in the job market, or other current dynamics? While the recent half-point cut in U.S. interest rates feels promising, industry trepidation remains substantial as we enter Q4 and race toward 2025. Navigating uncertain times can be challenging, especially when it comes to sales. But these periods also offer unique opportunities for businesses that know how to adapt. Read “How to Sell During Times of Uncertainty” for simple strategies to maintain connection and trust with your customers, even when things get rocky. Only at The Alternative Board (TAB). https://lnkd.in/eW3QKDcC #tabboards #businesscoaching #economicuncertainty

Are you concerned about the economy, volatility in the job market, or other current dynamics? While the recent half-point cut in U.S. interest rates feels promising, industry trepidation remains substantial as we enter Q3 and race toward 2025. Navigating uncertain times can be challenging, especially when it comes to sales. But these periods also offer unique opportunities for businesses that know how to adapt. Read “How to Sell During Times of Uncertainty” for simple strategies to maintain connection and trust with your customers, even when things get rocky. Only at The Alternative Board (TAB). https://lnkd.in/e-V5cKpd #tabboards #businesscoaching #economicuncertainty

Recession? Downturn? Economic Decline? Whatever you choose to call it when there’s a slump in the economy, it can be pretty bad news for businesses. Unfortunately, during a financial crisis companies trying to preserve profits (in the short term) will often target the marketing department (and the marketing budget) as one of the first places to cut costs. Don’t panic marketers! We aren’t currently in a recession, but since the pandemic many business leaders have been feeling a lot of uncertainty overall. Benjamin Franklin once said, “By failing to prepare, you’re preparing to fail.” So here are a couple tips that can help during trying economic times. The first thing I recommend is that you have a clear process and strategy in place for your marketing efforts. This includes measurable goals and a marketing plan for how to meet those goals — something you should have regardless of what’s going on in the economy. Having a strong process in place will allow you to stay calm under pressure and to continue executing strategically, if and when there is less money to go around. Secondly, if you are able to, economic downturns can be a great time to focus on strategies to increase market share. ”Buy low, sell high.” That’s how stock brokers make their money. And, it’s that kind of thinking that marketing departments should have during a down economy. Acquiring customers during a recession allows a business to increase their market share for a fraction of the true cost. Doing this will position the company for growth when the market recovers. *A down economy can have some positive aspects when trying to increase customer share. The cost of advertising, particularly on digital platforms, could drop significantly. And while this could mean fewer leads, if your competitors aren’t spending YOUR $ WILL GO FURTHER! While these tips can't guarantee immunity from economic downturns, they can significantly improve your chances of making it through uncertain times when many others do not. #Marketing #Speaker #BusinessLeadership

100 years of research shows tons of businesses make this recession mistake: As spending gets tighter, businesses cut marketing spending. A century of data proves this is a bad idea. Brands that scale marketing during an economic slowdown capture most of the growth that follows. Not only that, but as the players on the field shrink, it gets easier to stand out. Even maintaining your spend means a comparative increase in market presence. Everyone knows you "buy low, sell high" in real estate. Same goes for marketing. As Warren Buffet said: "Be greedy when others are fearful." 2 rules in recessions: Don't touch your stocks. Don't touch your ads. #recession #marketing #adspend #brandgrowth

More inflation, more taxes, more expenses, less demands, thinner margins, due payments ... What's going to happen? Don't know? Will see later? Failing to plan is actually planning to fail. Market dynamics are changing quite rapidly so the tweaking in business plans should be more frequent. Every ideal business plan has atleast 3 objectives i.e.: 1. Stay Profitable 2. Stay Competitive 3. Having Sustainability The biggest challenge is the Depressing Economy resulting in uncertainties and unknown behavior of external factors. Such circumstances require think tanks to anticipate the possible market' behaviors and to craft strategies and stay resilient; Inabilities to plan have already shown roll-backs, close-downs, scaling-down and layoffs. Come up with strategies translatable into action plans. Strategies development by teamwork remains more effective than in an autocratic approach. Those who anticipate, plan ahead and remain resilient can only expect to win sustainability. The message is to stay abreast, stay proactive, learn from the mistakes of others and to identify the difference among winners and learners. For example, when its getting difficult to sustain with existing market share, best idea is to grow. Big populations are difficult markets that possess tougher competitions with higher cost of doing businesses. Opportunities to grow lies in those population clusters having more disposable income (money left after meeting necessary expenses). Hope this article will help you. #supplychain #sustainability #businessgrowth

🛬 Is this economy headed for a soft or hard landing? We dive into the macro data to explain what's happening in the economy. Why is everyone talking about a recession? Are we in one? We answer these questions, and more. https://lnkd.in/gJiaEqds

100 years of research shows tons of businesses make this recession mistake: As spending gets tighter, businesses cut marketing spending. A century of data proves this is a bad idea. Brands that scale marketing during an economic slowdown capture most of the growth that follows. Not only that, but as the players on the field shrink, it gets easier to stand out. Even maintaining your spend means a comparative increase in market presence. Everyone knows you "buy low, sell high" in real estate. Same goes for marketing. As Warren Buffet said: "Be greedy when others are fearful." 2 rules in recessions: Don't touch your stocks. Don't touch your ads. #recession #marketing #adspend #brandgrowth