Not sure if you knew this…but Aaron Rodgers is one of Ayurveda’s biggest influencers?.
We’re actually talking about him for 2 reasons today. One is his #influencerstatus. But also because we’re stealing one of his secret techniques.
Reason #1: This year, Rodgers told Pat McAfee in an interview that he just got back from a re-centering cleanse…which just so happened to be a 12-day Panchakarma Treatment. A lot of sports writers didn’t know what the heck that was, so they did some research and helped spread the word on Ayurveda. Thank your for your celebrity endorsement Aaron.
Reason #2: In 2011, when the Green Bay Packers were on a hot streak, beating the Chicago Bears ? 21-14 to go to the Superbowl, Rodgers credited his visualization practice for the success.
Not just because he visualizes himself winning, though. He also imagines scenarios where things don’t go as planned and how he’s going to tackle them (pun intended?).
It’s such an important aspect of this game that other big-time athletes regularly mention his mental toughness in addition to his physical abilities.
There’s a reason this works, and it’s a tool many of you often use in meditation too.
?So, what does this have to do with anything?
This is how I want you to think about the recession – by problem-solving before any issue ever comes up and impacts your business. Do we want it to happen? Not really. Can we flip the script to make this period a potential opportunity? Absolutely.
When I dove into the research for this newsletter, I looked at what’s happened in the past (90’s recession and 2008 bubble), and how today’s trends differ. Some experts – aka not me – are saying 2023 will be mild and NBD. But, just in case, let’s put our history class hats ? on.
Let’s look at…
#1. The industries that tend to be more recession-proof and see what we can learn.
These are the buckets of categories that businesses fall into, and they make sense! We still need basic items to live, and in hard times we reach for quick hits of dopamine.
- Necessities: healthcare, groceries, baby and pet care, repairs, supply chain logistics
- Cheap dopamine hits: candy, liquor, and discount retailers
Industries with low margins that thrive when people have extra income (like retail, full-service restaurants, and construction) are usually impacted more negatively than others.
#2. How recession shapes people’s behaviors.
People start to be more conscious about their spending habits, and the stress of feeling financially strapped impacts emotional health.
- More people tend to either eat at home (likely your clients) or use quick service restaurants to eat
- People are still traveling right now, but this usually slows in recessions
- Mental health issues increase
#3. How this Recession is different from historical recessions.
According to Morgan Stanley, past downturns have been because of too much debt. This time, there’s too much liquidity (cash money). This is a great read on why everything isn’t all doom and gloom if you need it right about now.
And listen – I’m not a wolfette on Wall Street? , an economist or a psychic ?(although now that I’m thinking about it…maybe I should give my astrologer a call).
I’m a marketer who wants you to be best positioned to still be financially independent in any scenario.
How to Apply These Learnings to Your Biz
These are some things I’d be thinking of if I were in your shoes. Feel free to steal, but the best results are when you put these questions to the test with your own audience.
? What’s MY customer doing? How is she thinking about the market?
- If your market is full of teachers and nurses, then inflation might be hurting their extra income but they’re less likely to lose their jobs.
- If you mainly target corporations, you could experience budget cuts in the employee wellness category. Use your messaging to help decision makers understand why that’s a bad long-term strategy.
?How can I position myself as high value, a necessity, or speak to the cost savings people can have by working with me?
- If working with you drastically improves sleep, and therefore mental health (a huge challenge we saw above) talk about it!
- Does your work help people spend less $ or time on their health elsewhere? Bring it up.
?What content/micro offerings will be really valuable for people during this time?
- If people are cooking more meals at home, you could create a COSTCO checklist (more people shop discount grocers) and a combo of recipes they can use to make the most out of those 97 carrots ?that come in the bag.
- If people are cancelling gym memberships, you could create a 10 min yoga sequence that’s delivered to their inbox every morning to still get their movement on.
?? Where can I be smart with my marketing dollars?
- Lean into your channels with the biggest bang for your buck. SEO, social, email marketing, referral programs, and offline networking are also things you can do organically. If you work hard & use these correctly, you can get new leads, nurture them, and convert them with a pretty lean budget.
PHEW?. Y’all this was a long one with a lot of research hours + early mornings to make sure this was comprehensive and helpful.
No one knows what happens until it happens (there are great predictions, but also unforeseen situations). The best thing to do is to start visualizing what happens in any scenario so you’re ready for it + nimble on your feet.
I’d love it if you comment with your thoughts so we can keep tabs on this conversation (and the market) as it evolves. I never want to be a fear monger, but I do want to help you position yourself for success.
xo, Rachel Jeffries Murphy