In times of crisis, it’s human nature to stockpile resources and money. (Check it out— science proves it.) This is why the advice shared by Marzani Marketing owner Doug Morneau on a recent IBO podcast was so surprising, even though he has the experience, evidence, and impressive marketing results to back it up.
Morneau explained that in a down economy, the best way to make money is to spend money. While many business owners scale back expenses during an economic downturn, Morneau has found that a down economy is a perfect time to invest in marketing and advertising. In fact, he’s helped many clients achieve impressive results by strategically increasing their marketing spend during times when conventional wisdom would suggest putting on the breaks.
Morneau primarily works with nutraceuticals and professionals in the venture capital space. During the 2008 recession, many of his clients in the financial sector struggled to raise capital. Morneau helped many of them not only stay afloat but grow and thrive. Based on this work, he shared a few key insights about scaling sales in a down economy:
- Continue to invest in advertising and marketing. Many businesses will cut their ad and marketing budgets during a downturn. This makes the space less competitive, leading to better rates, more room for negotiation, and more opportunity.
- Deepen the conversation with a niche audience. Doug advises clients to cast a wide advertising net until they start to understand who their niche audience is and where that audience spends time in the digital world. By targeting digital spaces that cater to their niche audience, clients can reach individuals more likely to convert.
- Focus on marketing tactics that are scalable. One strategy that worked well for many of Doug’s clients was targeted email advertising. Doug would often buy ads from publishers who had large subscription bases (1,000,000+, in some cases). By testing ads out on small portions of these large audiences, clients always had room to grow and expand in the future by simply sending the same message out to a larger group.
- Avoid the herd mentality. Common wisdom in the corporate world told Doug that summer was a slow time for new business. And yet, he has found July to traditionally be one of his busiest months. He advises marketing professionals to find potential in spaces that competitors may be ignoring.
- When you find a strategy that works, don’t be afraid to double down. If a certain marketing tactic is yielding a really good return, seriously consider reinvesting in more ads and doubling down on the approach. Many clients have seen a huge return when they go all-in on strategies that are seeing good results.
Doug’s strategies have helped his clients scale their businesses by more than 400% in downturn economies. (We know, it’s a crazy number!) His tried-and-true results make a strong case for embracing risk and investing in marketing during economic downturns.
Interested in learning more? Listen to the full podcast and visit Doug’s website. Need help scaling a marketing strategy for a client? We can help! Interested in learning the best path forward to scale your agency? Join us on Thursday, September 16th at 11 am Eastern for our free webinar, 3 Critical Actions to Scale Your Marketing Agency. Register today!
"Very responsive and dependable. When I ask for work to be done, I know it is being handled!"
"You guys have been a wonderful extension of our team!"
"Great team. Great service levels. Great work."
"Love having a team or experts in my back pocket that make my life easier and more efficient. It allows me to focus on what I need to do and gives me the ability to offer additional services to my clients."
"No one is perfect, but IBO is pretty close! I always get what I expect and often more for a fair price and on time."
"Prompt, Smart, Efficient, Quality work. PM structure is also great value add for small agency"
"I trust IBO to take care of all of my client projects. Your team is solid and are experts in their field."
"Inbound Back Office's amazing virtual assistants have helped me double my marketing business this year. I have no employees and have still been able to increase my client base over 100% from 2016. All the VA's I deal with are friendly and do fantastic work. I highly recommend Amy and her team."
"Working with Amy and the IBO team over the years has been a huge relief. They are extremely reliable, responsive, and quick to learn new tasks. We are able to trust that projects will be done correctly the first time, every time!"
"We found Amy and IBO when we were in a jam- short-staffed and in the midst of mission-critical deliverables for a number of clients. Not only did Amy and her team dive in head first to help they delivered work that far exceeded our expectations and continues to do so today. Amy has an uncanny ability to align her resources with our needs, timeline, and level of expertise needed to get the job done. I offered to provide this testimonial when responding to last month's invoice. How many of you can say that? The value is exceptional, the service is even better. Amy and her team care about my company and it shows."
"Great team and versatile like a Swiss army knife. Seamless integration into our workflow. Already referred several other agencies to IBO."
"Prices are affordable. Everything so far has been straightforward and easy. There seems to be no catch and just an honest business trying to employ people and support other businesses. Nikki rocks!"