Written by Jenny Corlett
The year 2000 saw the notorious bursting of the “dotcom” bubble. With investors scared of missing out on the Internet trend, people would pretty much invest in any company with .com at the end of its name. However, once many dotcoms started reporting a lack of profits, investors began to quickly pull out and stock prices plummeted, causing a mild recession in the US and worldwide.
Fast-forward to 2017, and we are seeing similar behaviour in several different areas of the market. It’s being referred to as the “everything bubble”.
Take the cryptocurrency market for example, where a project called the ‘Jesus Coin’ has just finished their crowd sale, raising almost $60,000 so they can “decentralise Jesus on the blockchain” and “improve p2p (pilgrim to pilgrim) transaction time”.
As with any bubble, if it grows big enough and then bursts, a downturn could be on the cards. Marketing and communications budget is often first in the firing line. For those worried, let’s take a look at some top comms tips for surviving any potential financial apocalypse:
1. Don’t Panic. The worst thing that you can do as a marketer is lose your head. Approach the situation rationally and with a sense of perspective.
Make sure that this approach is reflected in your external communications. Shareholders will be nervous, and it’s up to you to reassure them that you have a handle on the situation.
2. Keep it simple. A downturn could mean less cash to use on campaigns. In this case, consider going back to basics and focusing on the creativity of your ideas. After all, great ideas don’t have to cost the earth!
Now is the perfect time to revaluate campaigns, strip things down and look at what’s working and what can be chopped and changed. In the end you’ll have a more streamlined campaign which does more for less.
3. View everything as an opportunity. Losing business is not ideal, but it could mean a chance to pursue some exciting new options. It could be the moment for you to pursue a fresh comms approach. Find a way to get people’s attention and show them that you’re capable of producing different and exciting ideas.
It’s also a chance to use your contacts. Build up and make use of a satisfied client base, and let your experience speak for itself.
4. Finally, embrace the challenge. Times like these can be intimidating, but also a great opportunity for you to step up and show that your comms budget is delivering results. Renew your focus on the audience and their motivations. Find new and interesting ways to tell your stories and don’t be afraid to consider a re-brand.
When the smoke clears and the downturn is over, you will have gained valuable knowledge about how to best utilise comms and you’ll be perfectly positioned for the recovery.