Or to put it more accurately, why is ‘good’ lead generation so crucial through a recession.
I think it is pretty well established that are going to enter a period of economic turmoil. When this pandemic started and the Chancellor introduced the Furloughing scheme and other financial packages to help people throughout the UK, commentators were talking about a V, a U shaped or even an L shaped recovery.
Although nobody knows what we do know is a recession is coming, and it could be quite profound.
Sadly I’m old enough to remember the recession of 2007/2008 and the financial crisis. Unfortunately, my business became just another statistic – being a 28-year-old budding entrepreneur losing your first business was tragic, scary, and it took me a while to personally recover.
As Henry Food one said;
‘A man who stops advertising to save money is like a man who stops a clock to save time’.
More great Henry Ford quotes can be found here
I remember first reading this phrase during the financial crisis, and I never truly understood what it meant.
At the time of 2008 when my business failed I was too confused and lost in the thought of losing the business to truly understand what opportunities can arise during a time of economic uncertainty for lead generation and marketing companies.
It was a huge opportunity missed, and if I could turn back the clock, I would have bucked my ideas up, knuckled down and tried even harder to work through the crisis.
Sadly this wasn’t the case.
But now looking back and seeing the same economic fall-out of Covid-19 take a similar shape, you start to understand the Henry Ford phrase in more detail.
You, see, companies will fail and sadly lots of them.
People will lose their jobs and sadly, lots of them.
But lots of people will not lose their jobs and people will still want to spend money and these are the people whether they like it or not, believe it or not, will be the consumers that drive the country back out of a recession. Consumer spending is critical.
So we move back to the Henry Ford phrase ‘A man who stops advertising to save money is like a man who stops a clock to save time’.
One fact of business, if you stop spending on marketing your sales will decrease!
Companies who keep spending on marketing will see medium to long term benefits.
So lead generations, this is the time to up your game.
Move into markets where companies will need quality leads, month in month out. The companies that spend money on leads are going to be the companies that survive and genuinely flourish in these turbulent times, and if you are a preferred supplier, you will have clients for life.
Take this advice, from somebody who has been there, failed during a recession but has learnt from experience.