Readying Yourself For The Recession
It’s a scary time for local, global and independent businesses alike, with the mass uncertainty caused by COVID-19 continuing week after week. Last Wednesday, the Office For National Statistics (ONS) confirmed many people’s fears with the announcement that the UK is officially in a recession –
in the second quarter of 2020 the UK’s economy shrank by 20.4%, the largest drop (per quarter) on record!
Although the news may be bleak, for many people it has just reaffirmed what they already deemed inevitable. As a result, spirits are not as negative as they were back in 2008, and people are already asking when, not if, the economy will recover.
As your local marketing maestros, we decided to give you our take on things to make sure
you are well equipped to continue trading and able to make the most of your potential amidst all the restrictions.
Recession 101: What is a recession?
Most of you will be old enough to remember 2008, and what many deemed ‘The Great Recession,’ however if you’re not up to speed here is a quick definition to keep you in the loop:
Simply put, a recession is categorised as a period of economic decline that spans over two consecutive business quarters. The UK saw a 2.2% drop from January to March (one quarter) and a 20.4% drop between April – June (second quarter.) As a result, the UK is officially in a recession!
Relax, Reassess, Repeat
OK, we know a recession is bad, but it isn’t quite as bad as the media is letting on, so let us distract you from the doom and gloom and focus on the positives for a minute. Yes, our economy fell by 20.4% – but the majority of that decline was in April when lockdown rules were at their strictest and people were panicking the most. So, unless you were in the business of toilet paper sales, you probably suffered in April, but so did everyone else.
If you zoom out and look at the big picture, you might be shocked to discover that the economy actually rose by 8.7% in June as lockdown restrictions started to ease. Many sources, including the ONS, now believe that we’re likely to see a further increase throughout August and hopefully beyond.
Businesses across the country are starting to experience increased levels of demand, and although maximising your output is a must, it is also crucial to reassess your strategy on a regular basis and your responsibility as a business owner to continue your operations in a COVID-friendly way. With increased face-to-face contact and a steady rise in infections, initiatives such as the “Eat Out to Help Out Scheme” could jeopardise our return to some semblance of normality. As a result, preparing yourself and your business for a potential second wave is vital!
Ready Yourself For Round 2
Nobody knows what is going to happen with the COVID-19 infection rates, and with all this uncertainty we think it is wise to follow some advice courtesy of Benjamin Franklin, who famously stated that “failing to prepare is preparing to fail.”
Readying yourself for this potential second coming can be as simple as publicising the ways in which you’re changing how you operate, to offering a delivery service – the consistent thing companies need to address is how they communicate these changes to their customers.
It is now more important than ever to capitalise on social media platforms – whether it be looking at the trending hashtags, or engaging with your local community, you need to put all your creative and marketing know-how to good use. Creating COVID-related content can be a great way to accompany any new offers or services you are advertising, as well as letting people know that you are still going strong throughout all this uncertainty.
As simple as it might sound, you need to ensure that all contact and business information is up to date. Double-check that your opening times are correct and that the relevant contact information is accessible. Communication is also more important than ever – let people know the precautions you are taking and make them feel as comfortable as possible in your business environment!
Here To Help
Like the rest of you, we’ve had to adapt and think of creative solutions to problems we didn’t even know existed prior to this pandemic. Yet, it’s still fair to say that solidifying your online presence has never been more crucial. Fortunately, that’s our speciality, so we have been making sure that we help our many clients, from local to national, strategise and communicate with their patients, clients and customers effectively.
When it comes to your digital self, we consider ourselves specialists. From social media to SEO, or content creation to branding – we want to help you shine online. From a team of 1 to 1,000, we don’t care how big or small you are – but we do care about what we can do to make your business more successful.
To find out more about these services and what we can do to help you succeed in content creation, email email@example.com or call 01926 814 547 today.