Episode Transcript
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(00:00):
- When your business is slow,
your first instinct is to pull back.
You look at your budget,you see the numbers dipping,
and your first thought, we gotta cut cost.
You might even be thinkingabout completely pulling the
plug on your marketing.
Well, I'm here to tell you
that's the biggestmistake that you can make.
That's the one momentyou need to double down,
and I'm going to show you exactly why
(00:21):
and what to do instead.
If you're in a seasonal slowdown
or even during a recession,
I get this question all thetime from business owners.
Things are slowing down,marketing's not working.
What do I do? This is
where a marketing mindset is so important.
When you hit a seasonal slowdown
or even a recession,spending habits do shift
(00:42):
during seasonal slowdowns or recessions,
but they don't stop.
And based on several fascinating studies
that I'll cover in just a minute,
the worst thing you can do isto have a knee-jerk reaction
and stop marketing and advertising
or drastically reduce your ad spend.
Hello everyone, I'm Toby Danylchuk.
I'm Toby Danylchuk, founder
of 39 Celsius Web Marketing Consulting.
(01:03):
For over two decades,
I've been helping businessesjust like yours increase sales
and profit from digital marketing.
If you're ready to turn yourdigital marketing results
around so they're amplifying your
results, then stick around.
And if you find this video helpful
and want more strategies, tips,
and tactics to boost yoursales and profits, press like
and subscribe to mychannel for future videos.
(01:25):
And if you're seekingpersonalized marketing guidance
for your business, callme now at (951) 444-0174
or email me at toby@39celsius.com.
My contact informationis also included in the
video description below.
And in all my videos, Iinclude additional links
and resources in the videodescription, so be sure
to check those out as well.
(01:46):
So the evidence is very clear.
Those companies that invest in marketing
during slower times comeout far ahead compared
to their peers that pull backon marketing several studies
from old to new show,the same result, which is
that continued marketing investment
during slower economic times,significantly outpaces peers
(02:07):
that pull back on marketing.
The first study by Roland Vale'sresearch from a century ago
tracked the performance
of 250 major US companiesfrom the end of World War I
through the post-war recession
and into the twenties boom,
providing foundationalhistorical evidence for marketing
during economic downturn.
Veil's key finding was that companies
(02:29):
that increased their marketing budgets
during the recessionsaw their sales increase
by 20% over pre-recession levels.
In comparison, those companies
that reduced their marketingspend experienced this 7% drop
in sales below pre-recession levels.
This resulted in a significant27% swing in sales numbers.
Then a 2002 McKinsey
(02:49):
and Company study of nearly athousand US companies over 18
years, including the90 91 recession, found
that top performing companies continued
to invest in marketing,
prioritizing long-term gainover short-term profitability.
Some even spent more on marketingduring the recession than
during the economic growth period.
And then a comprehensivestudy by Bain Company in 2019
(03:12):
of 3,900 companiesworldwide showed that those
that continued to invest ingrowth, including marketing
during the 2008 great recession,
achieved a 17% compound growth rate.
Those successful companiesdid focus on cost containment,
but, and this is a big,
but they maintained an offensivestrategy optimizing rather
(03:32):
than slashing budgets.
In McGraw Hill did a studylooking at 600 companies from
1980 to 1985 and found thebusinesses that maintained
or increased their advertising spend
during the 81 recession head sales
that were 250% higher thancompared to those companies
that reduced advertising spend.
So this isn't about quickfix is it's more about a
(03:53):
fundamental approach, along-term marketing strategy
that will build a resilientbusiness that can survive
and even thrive during thetough times, whether that's
through a temporary seasonalslowdown or a recession.
So we, what can you do
to help sales when a seasonalslowdown or a recession hits?
When I get a comment from clients
that business is slowing down
(04:14):
or the marketing is notworking according to them, one
of the first thing I dois go to Google Trends
and look for seasonality trends.
This is hugely beneficial
because it helps to manageyour expectations that perhaps
what you're experiencing isa temporary seasonal slowdown
that happens predictably every year.
Here's an example that highlights this.
I have a related post that goesdeeper into this titled, how
(04:37):
to Use Google Trends for Market Research
and Turbocharge Your Marketing.
Just Google that along with my name
and it should come up second.
What's essential during any slowdown is
to maintain a proactive mindset, realize
that there's an opportunity in adversity
and it can be a catalyst forchange and opportunities.
(04:58):
Third, decisiveness
and agility are essentialfor moving quickly
to strengthen customer relationships.
Start leveraging emailmarketing if you're not already.
Email marketing is inexpensive.
It delivers one of thehighest ROIs in marketing,
and it helps to keep yourbrand front of prospects.
Start using a CRM if you'renot already an implement.
Lead nurturing campaigns to close sales
(05:20):
with longer sales cycle customers.
Next, refine your marketing strategies
and tactics to those
that have historicallyproduced the highest returns.
I have tracked just aboutall types of marketing
and advertising from SEO Google
and Meta Ads email, along
with traditional marketingtactics like billboards, print,
tv, and direct mail.
(05:41):
And digital marketing alwaysconsistently delivers leads at
a 10th of the cost oftraditional marketing efforts.
Then continually test your marketing
and advertising so you know
what is providing the lowestcost for tangible results.
How do you do that?First, you utilize call
to track marketing efforts,whether that's digital
or traditional marketing.
(06:01):
Next, use QR codes that deliverpeople to a landing page
for any print media videos
or tv so people can easilyscan them with their phones
to get to your landing page.
And you can track how manypeople are using your QR codes
by leveraging UTM parameters.
Here's an example of usingUTM parameters for A URL.
So when someone scans a QR code
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that has UTM parameters inthe URL Google Analytics,
we'll record the visitors toyour landing page or website.
Then when you go into GoogleAnalytics, you'll see precisely
how many people are visitingyour site along with engagement
and purchase actionsthose people have taken.
QR codes have becomeso much more mainstream
after the pandemic
(06:42):
and then ensure you have yourdigital plumbing in place
to accurately track conversionactions on your website, such
as phone calls, lead forms,
purchases, appointments, and more.
This is a critical step,
particularly when you'rerunning Google or meta ads.
If you don't have conversiontracking in place,
your campaigns are flying blindand you're wasting ad spend.
(07:04):
All the digital platforms like Google
or Meta Live on data, if they don't know
what conversion actionsare most important to you
or can't see what peopleare doing on your website,
the ads cannot deliver moreof what you want, whether
that's online sales calls or appointments.
I have a related post in videosabout setting up conversion
tracking that you'll want
to check out titled GoogleAds Conversion Tracking.
(07:27):
You can just Google that myname and it should come up,
or I provide a link to in thevideo description as well to
that messaging changesare essential as well.
During seasonal slowdownsor during a recession.
Communicate value
and highlight long-termvalue, not just price.
Consider limited time offers or BOGOs.
Buy one, get one tobreak through the noise
(07:48):
and to get people to act.
Emphasize value, make the benefits clear.
People buy the benefits.
What are the benefits of what you offer?
Does it save them time, lowercost, better performance?
Be clear, be specific about the benefits
of your product or service.
Then lower the perceived risk of buying
by offering guarantees
and customer friendlyreturns, leverage reviews
(08:10):
and other trust marks byadding them to your website
or landing pages.
And I have another related post
that goes into more detailedtitled PPC Landing page Best
Practices, which covers how
to create high converting landing pages.
And you can find it againby doing a Google search for
that title in my name,
or there's a link in thevideo description below.
But always maintain a long-term mindset.
(08:31):
Remember, you cannotshrink your way to growth.
Consistency builds trust.
People need multiple interactionsbefore they purchase,
and some estimates put thatat 10 to 15 interactions.
And a great quote from SamWalton, the founder of Walmart
that encompasses theright mindset was this,
I thought about the recession
but decided not to participate.
(08:53):
I'd love to hear from you.
What strategies ortactics have you utilized
when business slow down?
Let me know in the comments below.
And if you found this video helpful,
please give it a thumbs upand subscribe to our channel.
And if you're ready to stopfeeling lost in the digital
marketing maze and are prepared
to start implementing a clear,
personalized digital marketing strategy
(09:14):
that directly impacts yoursales and profits, let's talk.
Call me directly now at (951) 444-0174
or email me at toby@39celsius.com.
Of course, you can checkthe video description
for my calendar link as well.
And let's chat.
For over 20 years, we've beenhelping businesses like yours
turn their digital effortsinto tangible growth.
(09:34):
Thanks for spending a fewminutes out of your day with me.
I'll see you in our next video
where we'll dive deeperinto digital marketing.