As we look at the economic landscape in 2023, we know that some of you are busy and making money, some of you are struggling to make payroll, and the majority of you are in the middle… cash-flowing but wanting more. It’s been that kind of year, so why are some holding their own while others decline? Our thoughts:
- MARKETING IS KEY: And by this, we mean having a detailed plan and sticking to it. Do you cease marketing when business slows, or do you pour it on?
- MARKETING IS EARNED: By that, we mean building a brand. A brand that endures regardless of the economic climate. You must stand for something.
- MARKETING IS NOT THE PUSH OF A BUTTON: It takes time to build a solid position in the marketplace. Some aspects can be hurried, but most cannot.
- MARKETING IS NOT EASY. It’s not simple. If it were, everyone would do it. However, marketing isn’t easy, which is why everyone doesn’t do it. Be prepared to feed it with little initial return.
- SIZE DOES NOT MATTER: We see small, well-positioned firms navigating this slowdown while still keeping their marketing plans in place. Alternatively, other larger firms with no plan are suffering.
Hopefully, it’s a good year for you, and you’re not affected by any of the Federal Reserve action. If not, take heart, now is the time to put a marketing plan together and operate from a position of confidence going forward.
Onward and upward!