CE Pro July 2023 - 47

difficulty attributing sales and growth to ongoing marketing
investments.
However, marketing through downturns is not only necessary;
it should be a priority. Marketing is an investment
that businesses should always be making. It is necessary to
maintain or grow your current market position, stay in front
of existing customers, attract new business, and maintain
a steady flow of incoming referrals. Funding marketing at
accelerated rates is wise when operating a growth strategy
or facing atypical economic conditions, such as those that
lie before us.
Simply put, cutting your marketing spend as a short-term
solution for cash flow preservation in response to economic
fluctuations jeopardizes your business's long-term growth
and success. Savvy custom integration companies that
continue to message their value and brand position to the
marketplace and stay top of mind with consumers have the
opportunity to maintain
steady business momentum,
capture increased market
share, and set themselves
up for further growth when
the market turns. And yes, it
will turn.
I'm practicing what I
I learned through trial and error the primary tactics that
my business, and many of the integration businesses that
thrived through this period, should execute to endure a
recession successfully:
Reduce expenses
Maintain cash reserves
Diversify revenue streams
Remain flexible and agile
Focus on marketing and brand visibility
The hard knocks haven't stopped knocking these past few
years. A global pandemic. Severe supply chain disruptions.
High inflation. A banking crisis. The threat of war on multiple
fronts. And now repeated warnings from economists
that another recession is looming on the horizon for the
U.S. economy. My recent discussions with vendors, dealers,
and buying groups support the fact that 2023 is already a
slowdown from 2022.
Avoid Mistake of Axing Marketing Dollars
I know that focusing on marketing may not be top of mind,
particularly when business owners are looking for expenses
that are easy to cut. During times of economic uncertainty,
marketing is often - mistakenly - placed on the expenses
chopping block. It's common for business owners
to think marketing is an easy place to tighten the belt,
particularly when the financial officer in the business has
cepro.com
Simply put,
cutting your
marketing spend
as a short-term
solution for cash
flow preservation
in response
to economic
fluctuations
jeopardizes your
business's longterm
growth and
success.
preach at One Firefly.
This year, One Firefly has
decided to further increase
its investment in marketing.
We're attending more
in-person industry events
than ever before, we've
hired additional staff for our
internal marketing team,
and we're more active on more platforms than at any other
point in our company's history. All while remaining flexible
and ready to adapt to changing circumstances.
To help all of us stop thinking about marketing as an
" expense " and consider it an investment in the long-term
success of any business, I've leaned into what I'm calling a
SMART Approach to navigating both growth markets and
economic downturns. Let me walk you through it.
S
ECURE CUSTOMER LOYALTY
During a downturn, most consumer segments of the
economy will cut back spending on non-essential goods and
services. However, by continuing to market and communicate
frequently with customers and prospects, you can
reinforce the value of your products and services, foster
customer loyalty, and expand your referral network.
This long-term strategy can help you retain more customers
and earn repeat business. As we've seen time and again,
customers remember the brands that stick around when
July 2023 CE Pro | 47
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CE Pro July 2023

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