Asset management giant, BlackRock, wrote in its 2023 Global Outlook report that a recession is “foretold.” In December, JPMorgan Chase CEO Jamie Dimon reiterated a prediction that a recession is coming in 2023. I don’t want to be alarmist. I do want to help you sell more faster by proactively arming you with facts and insights. FACT: The average recession lasts only 10 months. That is it!!! A lot of consternation for a relatively brief period. OOH sales reps need to plan now to “own the recession!”
- Think ad categories. As you discover a local company making a lot of noise in a recession, pursue them and all competitors in their category. If an advertiser is doing well likely their competitors are also.
- Check the news for strong national advertiser categories. During the pandemic, Target and Best Buy had record years. Look at their local competitors. Pursue local electronics stores, home goods stores, local grocery stores. They are also likely to be having good growth.
- Find the patterns. Most world-class businesspeople achieved their triumphs by identifying patterns and monopolizing on them. Use your family and friends as a focus group. Observe what they are spending more time and money on. This is likely playing out a few thousand times across your market area.
- When you find a prospect who says business is too good, they believe they don’t need to advertise, congratulations you’ve come across a super-hot category. Call on all their competitors. Likely you’ll find competitors who understand this is the time to build market share and be more aggressive.
- When the same prospect says business is TOO good, no need to advertise, they do need a recruitment campaign so they can staff up. Never propose a board which says, “Help Wanted.” Have a compelling headline of why someone should work there. A nothing ad will have nothing to show for it and frustrate the advertiser.
If you’d like a FREE full list of recession proof/resistant advertiser categories, email me at: KevinJGephart@gmail.com.
Some advertisers will never be convinced to step up in this time of opportunity; not being “opportunity-focused”, they are “prevention-focused.” Keep them on your radar. Reach out as things improve in order to help them “own the recovery.”
Help recession advertisers capitalize on the right message to the right prospect at the right time. Ask the high-gain question: “What is important for the public to know now about your business?” This will give you the info you need to create a successful ad.
Focus on what the Harvard Business Review calls the four consumer buying categories in a recession. Tailor your message to each category:
- The Slam on the Brakes category
- The Pained but Patient category
- The Comfortably Well-off category
- The Live for Today category.
Offering to tailor advertising to the four different consumer groups is a great door opener for prospects. Promise them that; “If we can have a 20-minute, non-decision making, fact-finding meeting I will bring information from the Harvard Business Review to provide insights to your recession advertising challenges.”
If you’d like more detailed descriptions of the target groups listed above, email me at: KevinJGephart@gmail.com.
Here’s to selling more OOH faster in 2023!!!
The OOH Sales Guide eBook Sale!
We are now offering, through the end of January, a 20% discount on the eBook version of The Ultimate OOH Sales Guide. You can link to the page here and enter the coupon code OOHSALES2023 as you check out.
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