I am part of several business communities and having experienced the ups and downs of business both pre-pandemic and post-pandemic, there were valuable lessons all of us had to learn. Becoming more adaptable, creative, and resilient ended up being a pandemic gift for some businesses.
A recession is a period of declining economic performance across an entire
economy that lasts for several months. (source)
Let’s take a sober look at what’s been happening since Covid rocked the entire world. Businesses that catered to the needs of the world and a workforce that shifted to homelife almost overnight were wildly successful. Peloton being one of those businesses, rocketed to being valued at around $4 billion. As the world has adjusted to Covid and headed back to life outdoors, so have consumer needs, leaving companies like Peloton to fall in almost 80% value.
The global recession is a real concern and a conversation you’d have to go out of your way to avoid. Will there be an economic hurricane or an upward turn? This episode is about being prepared, smart, and proactive.
You have to know when and how to ride the waves. Learn how to see the downshifts in the markets before they happen so you can pivot and make smart business decisions.
Today I am giving you 5 ways to handle economic uncertainty. Both large and small business owners need to read the market and anticipate change. Whether you are a large business like Snapchat or Twitter, or a small web design and brand strategy business like mine, dealing with uncertainty is a guarantee, but it can still be fruitful if you play The Long Game!1. Don’t freak out, see the opportunities around you
2. Keep in touch with your audience. What are they prioritizing?
3. Look at your offerings. How can you position your product or service to be a better fit for your audience?
4. Relationship marketing is key and something to double down on
5. Create partnerships and collaborations
As business owners, we need to be in touch with what consumers are going
through to better position our products and services.
With an economic environment deteriorating so quickly, keeping your relational ties strong to your community, your clients, and your business network is going to separate businesses that survive and thrive from those that get lost in the recession.
Two things you must do in order to know what’s coming down the pipeline for your business:
Meet your audience where they are, and bring them the value they need for the current economic environment, even if it means lower ticket products or services that will get new traffic into your funnel.
Links from Today’s Episode:
“The macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe that it is likely we will report revenue below the low end of our q2 2022 guidance range.” – Snap Inc. (source)
“The global macroeconomic environment has become less favorable, the war in Ukraine has impacted our results and may continue to do so. Many other companies have been experiencing a similar effect” – CEO of Twitter (source)