Businesses could renegotiate vendor agreements to survive recession

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 08, 2020, 2:24 AM UTC

Reduce unnecessary spending and audit current spending to protect business cash flow at uncertain times.

This article suggests ways in which small businesses can survive a recession. Create a marketing and branding plan to stay top-of-mind among consumers. Having an online presence and sending regular content-rich emails and more can help brands remain relevant during recession.

With economic uncertainties, brands must focus resources on promoting their best products and services, rather than investing in unknown ROIs. Options like subscriptions, VIP, and economy product versions could add to a brand’s revenue. Renegotiating vendor agreements for competitive prices and flexible payment terms is recommended.

Treating existing customers with respect and value can help brands reinforce relationships and build lifelong consumer loyalty. Business leaders must delegate responsibilities, make strategic decisions, and automate processes to effectively utilise valuable resources during such times.

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