Episode 8 - Marketing During a Recession

Trades Secrets: Contractor Marketing

In this week's episode, we'll be discussing contractor marketing in a pending recession

Why You Should Care: Today we are revealing specific tactics to implement in your 2023 marketing plan to ensure you continue to fill your pipeline even in the face of - dare we say it - a recession

Are we in a recession?

Let’s be clear: We are certainly not economists but definitely understand the key economic indicators of when we are in a recession.

• In 2022 we did have two quarters of negative GDP but in the 3rd quarter, it was back up again.
• The yield curve inverted in both April and July but only for a short time. This is yet another indicator of a looming recession.
• Unemployment rate: It’s currently at 3.5% but a rise in unemployment which actually dropped from 3.7% in September.
• Construction spending: (it’s high when the economy is good, and low when it’s bad)
  • It was up at the last release in Nov. (next release Feb. 1)
  • We could see less work
  • Margin erosion when construction spending goes down

All of this to say, proceed with your marketing dollars in 2023 with caution and a longterm strategy in mind.

Find out how we can help you grow your business: https://elevmarketing.com/
Trades Secrets: Contractor Marketing is for home services contractors and who are looking for easy to implement marketing tips and strategies. This podcast is for you if you're looking for actionable marketing tactics that are not over your head, and apply to ALL trades. We'll keep you apprised of what's new, and what should be on your radar for all things digital marketing.