- Develop a Risk Register
- Invest in Evergreen Marketing
- Continue Business As Usual
- Bonus Tip: Outsource When Necessary
From rampant layoffs to fluctuating inflation rates, we’ve observed many signs in recent months of a shaky economy. Some are predicting that a recession in late 2022 or early 2023 is inevitable. A Q4 recession is a daunting challenge for anyone to face, but with the right strategy, you may find yourself able to navigate the waters more easily than expected.
How Your Business Can Thrive in a Q4 Recession
We’ve discussed before just how we at Fullmoon are uniquely equipped to defy the doom-and-gloom attitude a lot of companies are facing in the prospect of a recession. Here are our tips for those eager to follow suit.
1. Develop and Update Your Risk Register
Recession or not, it’s just plain good business practice to think ahead when it comes to risk management. A risk register log or document is a good place to start. Use it to keep track of potential events that could cause a disruption in your business and determine the steps you would take to mitigate them.
If we do end up seeing a Q4 recession, now is the time to be thinking about the types of problems that arise when the economy is shaky, and developing a risk register in advance will help you approach these events with a clearer head.
Tips for Creating a Risk Register Document
The basic structure of a risk register is a table detailing potential risks and the plan for quelling the threat, but it definitely doesn’t have to stop there. There are a few additional steps you can take to make your risk register easier to use should problems arise:
- Rank Risks by Priority. Whether through categories, a numbered system, or just in the way you sort your risk register spreadsheet, you can gain valuable perspective by ranking potential risks by priority ahead of time.
- Assign Ownership. When an event occurs, you will want to have someone on your team dedicated to taking ownership of managing that particular risk. This person should be considered the assignee who oversees, delegates, and reports on progress from start to finish.
- Include Likelihood. If a risk is highly unlikely, then preparing for it in excess may not be the best use of your current resources. A risk register is all about visualization, and measuring the likelihood of disaster can help you keep your goals in check with reality.
2. Invest in an Evergreen Marketing Strategy
“Breaking news” can be critical to capitalize on for viral content. However, should we be hit with a Q4 recession, you may be better off investing your resources into a strategy that can benefit you no matter what else is going on in the world or in your industry.
Areas to Develop Evergreen Strategy
There are a few places you can start when it comes to pivoting away from trends and more toward forward-thinking, long-term marketing:
- Content. Produce content that will continually get the attention of your audience no matter the time of year. Focus on topics that are constantly relevant in your industry, and you will maintain a higher impact and consistent lead generation.
- SEO. Sometimes, trend-focused SEO can set you apart from the competition. But during a chaotic Q4, sticking to a tried-and-true, evergreen SEO strategy might actually be a better approach than chasing viral hits.
- Targeting. In some cases, centering in on local targeting can be used to your advantage. Where applicable, growing a loyal audience in your area can help set you up for the ROAS you’re looking for even during an economic downturn.
3. Keep up the Good Work and Stay Consistent
Especially in tumultuous times, it’s important to appear cool and collected, even if maybe you don’t feel so composed on the inside. This means not rocking the boat, not laying off half your team, and not making huge business-altering decisions that could make or break your business. Instead, continue forward as “business as usual” as possible.
In a blog post about disaster preparation, this may seem counterintuitive. But the truth is that prospective clients or customers don’t want to buy from companies who look unstable.
Bonus Tip: Outsource to Make Your Q4 Recession Proof
We’ve seen many marketing budgets get slashed in recent weeks. While that is not what we recommend anyone do during critical times, we also know that it can feel as though there is no alternative when faced with a Q4 recession. If your team is struggling to keep up the pace with a reduction in resources, our PPC, SEO, and content experts at Fullmoon are here to help.
It’s time you partner with people who care about your business. Driven by passion, people, and performance, we can help you excel even in trying economic times. Contact us today to start the conversation.
