5 WAYS TO SURVIVE AN ECONOMIC DOWNTURN AS A DIGITAL MARKETER OR FACEBOOK FREELANCER
Author: Justin March 19 | Blog
Learn the 5 ways you can survive an economic downturn as a digital marketer or Facebook freelancer.
With everything that’s happening these days, it’s easy to fall into a pit of fear and panic with the mindset of the pandemic.
Maybe you’re starting to wonder if this will be the end of your business? Will your Facebook advertising clients dry up?
The worst thing you can do right now is panic. Fear will cause far more disruption on your Facebook campaign business than any external environmental factor ever could.
The reality is that Facebook markets, industries, technologies and conditions have always changed and will continue to do so. Just think about Facebook’s ever-changing algorithm that Marketers and Facebook freelancers are always having to keep up with and adapt to.
The impact of economic downturns is NOT a bad thing for digital marketing agencies or Facebook freelancers. The crash of 2008 saw a massive spike in startups and businesses from people who sought to take control of their futures. Any business that is positioned to help these industries succeed and survive during such a time will in turn thrive.
Point being – don’t feed the fear monster.
Instead, take a deep breath and focus on these 5 ways you can survive an economic downturn as a digital marketer or Facebook Freelancer.
5 Ways to Survive an Economic Downturn as a Freelance Facebook Marketer
1. Cut Unnecessary Costs
Go through all your subscriptions and only keep the stuff that will help you generate income (ie: essential tools to provide service, prospecting, and ongoing training) – obviously, the Digital Distillery Pro membership (formerly known as FATC) is a necessity. 😉
Read Mike Michalowicz’s book ‘Profit First’. Seriously, this will help you re-evaluate a lot of things about your business.
2. Sit your team down
And get them to help take the pressure off. Drum up ideas together on how they can bring revenue into the business. If a team member can no longer justify the expense of having them there than it may be time to cut them loose.
3. Adopt a daily meditation practice
The pressures that will be placed on your business during this time will make you stronger as a Facebook freelancer or digital marketer for it. If, and only if, you are able to push past the fear and see this as the opportunity that it is.
To counteract the fear you may be feeling, adopt a daily meditation practice. This could be journaling for 15 mins a day or focusing on your breath to keep our mind still.
“I like to use brain.fm app for meditation as it’s short 15min spurts and the frequency they compose tunes at really gets my creative mind inflow” says Cat Howell, CEO of NZ-based agency Eight Loop Social.
Be vigilant with whatever practice you adopt and make it a priority – you can shepherd your business and team through to the other side if you keep a clear mind.
4. Diversify your income
Now could be a chance for you to finally launch and roll out that online course or workshop you’ve always wanted to and position it as a safe thing to do during social isolation. These online courses can actually just be the training of your Facebook marketing agency’s processes (ex: building a funnel) – not only can these help you to diversify revenue and avoid revenue yo-yos but it will also help with generating leads for your done-for-you services.
5. Pivot your positioning
If your niche has been impacted hard (hotels, travel, restaurants) from the virus it may be time to look at building a competency within a new niche.
Lawyers, wealth & savings management funds, staffing services, health, and elderly care niches are all booming right now for Facebook freelancers and digital marketers.
Evaluate how you can support your niche as best as possible during this time – can you provide ads selling offers for when they reopen to help them with cash flow? Can you consult them on strategies, can you teach them how to do it themselves while they’re stuck at home? That’s the right positioning mindset of the successful Facebook freelancers or digital marketers at the time being.
TIP: Amazon is only stocking essential items so this may be a chance to promote to Amazon-dependant businesses to get their own funnels and ads up
Also IMPORTANT… Stop getting yourself worked up and cut yourself off from the media. Instead, consume and surround yourself with stories of businesses and CEOs that are successfully riding this out.
With the right approach and mindset( read Building an Eight Figure eCommerce Empire with Ezra Firestone(Opens in a new browser tab), this can be a huge boom time for you and your Facebook Ads Marketing business.
Always remember that when you’re making decisions from a state of panic or fear, you’re not going to be making the best decision for the long run.
You got this!