Worried About a Recession?
7. Strictly adhere to your budget. Keep on top of matching volume-related expenses (e.g., payroll) to the actual volume in any downturn.
8. Don’t stop prospecting. You may need to reduce pages, paper weight and other things, but keep your circulation in line with response. During a recession, many mailers cut back in desperation. This can be an opportunity for you, because with less mail in the marketplace, your mailings will get more attention.
9. Keep shifting to lower-cost online marketing alternatives, including search engine optimization, e-mail, etc. Also consider putting key acquisition-oriented products on Amazon.com or accepting PayPal for payments.
10. Keep close to your customers. Know their “points of pain” as any recession unfolds. You might find opportunity.
Good luck weathering any storm should it come! Questions or comments? Click on the “Post a comment” icon below or e-mail me at TJukes@b2bdmi.com and/or post your comment on this site.
Terence Jukes is president of B2B Direct Marketing Intelligence Inc., a strategic consultancy based in Fort Lauderdale, Fla., that services clients in the U.S., Canada, France, the U.K. and Germany. You can reach him at www.b2bdmi.com or (954) 566-4451.