Are SMEs the strong, resilient cart horses to pull the UK out of a recession? If they invest and spend, they may just be...
"It may seem like a paradox, but recessionary periods actually provide fertile grounds for marketers to grow their brand’s market share if they’re prepared to think long-term." (Ritson, Marketing Week, 2020)
Consider this in your role, regardless of 'proximity' or understanding of marketing, as this recession bites.
We're all aware of redundancies across industries, strikes galore. as well as increasingly terrible socio-economic conditions for ... millions across the country.
This is not talking directly to that; this is around businesses, organisations and brands investing, growing, being brave and (hopefully) indirectly helping pull the country out of recession quicker.
I realise that is a lofty aim, and maybe my optimism is misjudged, but all the signs point to SMEs having the breadth and depth across all geographical locations and sectors, to grow, boost employment, and enable more people to grow with them.
Note: In 2021, total employment in SMEs was 16.3 million (61% of the UK total), whilst turnover was estimated at £2.3 trillion (52%) - source FSB.
In this excellent Marketing Week piece from the professor (link below), the investment before during and after recession periods was proven to work.
"Companies that decreased their advertising spend saw their sales decline both during the recession and then for the following three years."
Looking at the Great Depression as well as other periods, the evidence points to being strong and resolute - measure, monitor, test and learn, adapt.
Know your audience(s). Get under the skin of the personas.
Start (again, or for the first time on a new project /service /approach) with why. Thanks, Simon
What makes your audience(s) tick, where are they hanging out?
Speak to experts, get a different point of view. Test and Learn.
The same principles as in 'normal' times. Don't forget the foundations you've built your business on; the foundations that are proven to work.
And – crucially – remember to appropriately shout about who you are, in the right tone, on the right channels, and optimise, optimise, optimise.
If people aren't aware of you, they won't come calling.
Do you agree? Am I being too optimistic?!
Or *can* SMEs be the carthorse* pulling this country out of the mire?
*yes, carthorse is old school. I live in Suffolk. I'm thinking of the Suffolk Punch pulling drays, delivering, keeping the country running, during some pretty dark days.