The Economy Is Getting Worse. What This Means For Marketing

Today, almost everyone can sense that a global recession is on its way. You can see it as something foreboding or you can see it as an opportunity to make more money. It depends on how well you know the market so that you know where to put your money.

I’m not one to give anyone financial advice but I can help in terms of your cause marketing strategy. If I were to manage a corporate partnership team, here’s what I would be doing.

  1. Focus on larger accounts.  It’s time to pause and review all of your prospective partnerships and decline the ones that suck up all your energy for too little potential gain. Invest your time, energy and resources into prospects that offer a big return. When the downturn comes, you’ll be focused on the best and most lucrative prospects.
  2. Create ready to buy packages for smaller accounts. Create a page on your website that outlines fundraisers any small business or individuals can execute, such as the donation box, donate profits day, matching gifts and so on. When small businesses contact you for help, direct them to this page. Make sure to include case studies of successful partnerships!
  3. Schedule weekly pipelines reviews. Some team members might need more guidance. These reviews will help smoothen the process while also finding ways to reward top performers.
  4. Understanding the numbers. Now is the time deeply explore and understand what your non-profit can offer a corporate partner and how you can activate them on their behalf.
  5. Get your Marketing team members, management and the Board of Directors aligned. Cause marketing campaigns don’t just happen. They take months of planning and tracking. It also shouldn’t just be the responsibility of your marketing and communications team. Clarify your milestones and develop pragmatic boundaries to help you free up precious time. It will also help you avoid watching the role snowball beyond what you’re capable of executing thoughtfully and successfully.
  6. Bigger picture. Pause and spend time thinking big picture—about both the goals you’re trying to achieve with your communications and the paths you could take to get there. It’s not just about being up to date with trending tweets. Think holistically about what you’re trying to accomplish with your social media presence.

The storm is coming, will you be ready?