As we face the potential of a global recession, we also have to come to consider the possibility that the clients we love will be closing their wallet on aesthetic treatments. Navigating this situation comes down to focusing on how you can cultivate abundance.
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I am being inundated with unsolicited sales pitches on strategies for cutting back on ads and spending less on marketing, but to me this is clearly not the way through. Let’s be proactive about focusing on your team and your market share rather than cutting back, which can actually hurt your brand positioning in the long term.
By looking at the research around recessions, you can make informed decisions about your products and services. Money doesn’t go away during a recession—it actually represents a different type of redistribution of wealth. You can actually use this to the advantage of your business.
Another factor to keep in mind is that whether there’s a recession or not, people’s values don’t change. The clients coming to you for the amazing results you provide won’t suddenly stop seeing this as a priority. It’s also not a good practice to discount your prices, as switching back to your full or regular price afterwards can be an uphill battle.
The decisions you make today will impact your business for years to come, including when the recession is over. Protect your brand at all costs. Adopt your strategy to align with buyers who want to give you their business. It pays to think about how you can pivot ahead of time rather than being reactive.
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Tune in to the sister podcast episodes mentioned:
1- Episode 135: 5 Ways to Cultivate Abundance During an Aesthetic Recession
2- Episode 98: Best Practices for Raising Your Prices
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