Recession-proofing your business? Avoid this one thing.
The world is having a get-real moment.
Expect to see most recession-proofing businesses doubling down on one thing.
Typically, the tech or the ads, performance marketing, customer experience, (proprietary) process, hot talent.
The thing that aligns with their worldview and whatever has brought the most success so far. (Or whatever thing they happen to sell!)
And look, it’s totally normal to seek out certainty and solutions when the environment’s shifting, consumer spending is way down and your cash runway is shrinking. We’re all doing it. We all want a silver bullet.
And yes, tech to talent and beyond—all these elements play a role in connecting with people and making a profit. Each one will deliver some results, for sure.
But we’re talking mere marginal gains in the face of massive opportunity cost.
Truth is, it’s not about doing one thing. This is not either/or. It’s both/and. It’s about doing all the most important things—and joining them up. Systems thinking. That’s where the growth gets exponential.
This is also the juncture where it gets really interesting (and nuanced and where lots of businesses struggle). Because the answer to what’s most important is…it depends! Often on business maturity.
The risk we’re seeing right now is tunnel vision. Particularly for start-ups, but this applies to big brands too.
Please don’t buy into the narrative that all you need to be doing at this time is converting your existing prospects with performance marketing. It’s critical to consider broader brand-building in parallel so you have a future market too.