How to Safeguard Your Marketing During an Economic Downturn | Ep. #1340

In episode #1340, we share how you can safeguard your marketing during an economic downturn. A crisis like the COVID-19 can have an astronomical impact on the economy, but if you make smart decisions now, you can thrive in a recession while everyone else is having a hard time. Tune in to hear why this is not a time to invest in long-term strategies and why you should stockpile as much cash as possible.    TIME-STAMPED SHOW NOTES:   [00:25] Today’s topic: How to Safeguard Your Marketing During An Economic Downturn. [00:31] The impact that COVID-19 is having on the global economy.[01:01] Even if your company is not being affected, the stock market is. [01:11] Avoid investing in long-term strategies and focus on anything related to performance.[01:48] During the previous recession, budgets shifted from TV ads to pay-per-click. [02:12] Be sure to diversify and go omnichannel and keep doing SEO and content marketing. [02:33] A downturn is no time to test out new unproven channels.[02:50] You might have a bigger pool of talented employees and get them at lower costs. [03:05] Mergers and acquisitions will go for better deals. [03:39] Stockpile cash so that you can act quickly when the recession is over. [04:28] Have contingency plans in place and cut on nonessential expenses. [05:27] When things are uncertain, there are opportunities for you to thrive. [05:58] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information. Links Mentioned in Today’s Episode: Warren Buffet  Antifragile  Leave Some Feedback:   What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review.   Connect with Us:  Neilpatel.com Quick Sprout  Growth Everywhere Single Grain Twitter @neilpatel  Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.