As the UK enters a recession businesses are starting to feel the pinch that started at the onset of 2022. So, how can law firms not only beat the recession but their competitors too?
It’s all too easy to adopt an alarmist approach and overact; conversely it’s tempting to stick your proverbial head in the sand.
To beat the recession, calm strategic thinking is needed. That way you can anticipate issues before they become problems.
In this guide we’ll show you how to beat the recession by:
- Setting and sticking to clearly defined goals
- Developing a robust and reactive marketing strategy
- Learning how to minimise or completely avoid risk
Is your law firm looking for recession strategies? Then let’s dive straight into the details.
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#1 Beat the recession by goal setting
Setting goals alone won’t help you outsmart the recessionary climate. But by deploying – and sticking to – a well defined strategy you could find your hail Mary.
Goal setting using Objectives and Key Results (OKR) is a tactic already used to great effect by brands like Netflix and Amazon.
The OKR system involves:
- Challenging previous business objectives and realigning them to ensure they’re still appropriate
- Locating goals that will remain unaffected by the economic climate so that time can be spent optimally
- Considering how relationships with customers be best preserved and employees protected
To learn more about how the OKR system could help your law firm beat the recession, read our dedicated blog.
#2 Double-down on your marketing
You don’t stop marketing in the midst of an economic downturn. That’s tantamount to waving a white flag, whitewashing the windows, and rolling down the shutters. Instead, you push on ahead.
But which marketing strategy could help you beat the recession? Well, cutting down on advertising and general marketing spend isn’t the solution – because you still need to build brand awareness.
Step one is to segment your audience into the following categories:
- Panickers that eliminate unnecessary spending and seek cheaper alternatives
- Secure consumers able to ride the ripples on the raft of their wealth
- Tolerant but mindful people who’ll spend cautiously
And that’s just the tip of the iceberg. To learn how marketing could help your business thrive in a recession read our detailed article on the topic.
#3 Prepare for the recession by minimising risk
Here are a few steps you can take to streamline your finances and beat the recession.
Reassess your budget or create one afresh
If you don’t yet have a budget, now’s the time to create one. If you do, blow the dust off its cover, pour yourself a strong coffee and review the numbers with fresh eyes.
Reduce expenses or manage them differently
Perhaps your firm has an entertainment budget. Rather than deleting this expense entirely you could simply choose cheaper perks.
Don’t reduce headcount – build your culture instead
Tempting though it is to streamline your workforce you’ll rely on your team’s expertise to beat the recession and steer you through the storm. Instead focus on creating a strong culture your people believe in and are prepared to defend.
These are just three ways your law firm could beat the recession by reducing risk and celebrating its culture. Read the full article here.
Conclusion
Although you can’t stop the recession you can take steps to prepare for it. But much more than that. You can even thrive in the face of economic adversity by following a series of deceptively simple steps – future proofing your businesses in the process such that you thrive rather than fade away.
The marketing tools – and the people who wield them – are your greatest assets though. And so it’s important to get maximum benefit from these digital and human resources if you’re to continue growing.
Your new digital marketing partner
Boss Digital can help you beat the recession. Book your free consultation now to find out how we can use our proven experience in the B2B space to improve your brand visibility and generate more ROI.
If you’re a law firm looking for digital marketing in Slough, Maidenhead, Reading – or the local Berkshire area – we’d love to help you. If you’re not local, no problem – let’s talk over a cup over virtual coffee instead.
