In this first episode of 2024, I’m diving into a special series to take us into the new year – my 2024 Marketing Predictions. In this first episode we’re going to look at exactly what businesses need to do to grow in our current economic climate. You’ll walk away knowing how to create and maintain a strong foundation, how to adapt to changes in buyer behavior, and how to create a sustainable marketing strategy. 

 

I’ll also be giving you tactics to help you overcome buyer hesitancy, create a value ladder so you continue to increase sales, and how to develop the right positioning for your offers – which is essential for maintaining a relationship and connection with your audience. 

 

This episode equips you with valuable insights to elevate your marketing strategy and position your business for massive success in 2024.

Key Points: 

  • The Importance of a Strong Foundation:
      • What it takes to survive economic downturns and how the ability to pivot and adapt can impact your business success.
      • How to continuously reassess and align business goals and strategies to sustain success.
      • One of the only things I recommend for every single business – regardless of your industry.
  • Strategies to Thrive in 2024:
      • The best resource to get your hands on to gain a competitive edge.
      • How buyer hesitancy creates opportunities for more growth and how to adjust your strategy to continue building trust.
      • The impact of lower-priced offers on your business.
  • Creating a Must-Have Positioning for Offers:
    • What it takes to craft irresistible offer positioning to effectively showcase the necessity of a product or service.
    • The key to maintaining relevance and being seen as valuable with ideal customers.
    • How successful businesses have to think if they are going to have long-term success.

 

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Ways I can support:

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READ THE EPISODE TRANSCRIPT

Emily Hirsh:

 

Hello and welcome back to the podcast. Happy New Year! This podcast will come out as the first podcast of 2024—so exciting. New Year’s obviously always has a very fresh and exciting and just good energy to them. I think an important piece of that is making sure that you create plans, strategies, visions, dreams, and goals that are sustainable for the entire year, versus, of course, those fad resolutions that just come and go. So, I hope you have had some time to reflect and look at your year, and you’re starting off exactly how you want to start off. I always love the new year. It’s always a fresh time. I also like the week in between Christmas and New Year where I do very little work and I get a lot of time with my kids. I always am like, “What day is it?” because I don’t know what day it is. Anyway, I am doing a series this week. So this episode is coming out on the first day of the year, which is not a normal day that we release an episode, but I’m going to do 2024 marketing predictions as a series, and there are going to be 5 episodes.

 

These are inspired by some of the things that are in our annual marketing playbook. So, I haven’t actually talked about it yet on the podcast, but we released our 2024 marketing playbook. This is an annual resource that you may have downloaded from last year. We do it at the end of every year. I think this is our third one, and it’s probably the best thing that we put out all year. It has predictions for the next year, strategies that worked the best from the year before. It has, I don’t know, like 50 or more top-converting actual ad examples inside of it that you can click and see the ad, and the inspiration on it is packed. It’s 50 pages packed full of data and what is exactly working right now in marketing based on the work we do with clients and the work that I do in my own internal marketing. I myself pour a lot into this resource. So every word has been reviewed and approved by me and some even written by me. I probably put in four or five hours myself and my team dozens of hours into this resource. It’s incredible. So if you haven’t downloaded your copy, you can go to hirshmarketing.com/playbook and grab that. It’s really, really good, and I would love to know what you think with it.

 

So this week, I’m doing 2024 marketing predictions that’s kind of a spinoff from the playbook. We’re diving into some of the top predictions deeper in each podcast episode. So today’s episode is going to be around the economy and navigating the economy in 2024 and kind of my predictions around this. I’ve talked about this a little bit on the podcast and just been transparent and real and clear with what I felt like the reality is going to be this year. I think that it’s not going to be an easy year for the economy. I don’t think 2023 was, and I know it wasn’t because I know how hard businesses had to work to pivot and adapt and create freshness and solid offer positioning and marketing strategies that converted in order to stay afloat because I saw that firsthand. I saw it in my business, and I saw it in clients’ business, and I don’t think 2024 is going to be an exception to that. Now here’s the reality. I do not subscribe or agree with any of the fear-mongering language around the economy because I don’t even watch mainstream news or anything, and I think the reality is like a lot of people want you to be really scared because that is how they create good content is scaring you and making you feel afraid and then subscribing to their content to stay up to speed and basically have anxiety.

So, you know, the economy, it’s not in a good place. That is a fact, and that is a normal cycle that we go through as an economy, and it’s happened many times before, and businesses survive. Some do, some don’t, and then new ones are also created through these phases and cycles. Instead of looking at it from the perspective of scarcity, and this is something that I’ve sat with myself, I can look at the fact that the economy is going to impact my business. It already has. I mean, I’ve had to work very hard against the impact to create success in my business in the last couple of years because of the economy. And I can look at it from the perspective of scarcity and choose to be like, “Well, I better pull back. I better not do this. I better just sit here and wait for it to get better,” or I can say, “How do I still create abundance and success? What do I have to do differently in this economy and in this current state to make sure I’m still successful?” And I fully believe that that’s possible because any business can adapt, and any business can pivot, and any business with an audience and leads can sell to that audience and leads.

 

You might have to change how you’re selling or what you’re selling or how you’re positioning it or your strategy or the whole foundation of your business, but you can adapt. And if you look historically at any business that has survived tougher economic times, the only way they have done that is by being very smart, having a very strong foundation, and being able to pivot and adapt. Now I’m not saying just spend money recklessly. I still think you need to be careful, and you need to make sure that you have cash and be very intentional and listen to your intuition when it comes to investments and different things that you should or shouldn’t do in your business. But you don’t want to sit there with a scarcity mindset, and I mean that will keep you in the same place or not really seeing your goals this year and achieving your goals, and that’s completely up to you. That’s the cool part about it is it’s a choice. So that’s the first thing. I think a lot of businesses are going to continue to have to make changes and stay on top of everything in order to do well. But I think success is still massively abundant, and not even I think, I know. If you look inside of the playbook that we released and you and you see our client of the year Mallory who went from a dip in sales when she started working with us in January to multiple 6 figures all attributed to ad revenue, she has additional organic revenue in twelve months like an abundance of success.

 

I’ve had some of the best months in my business last year. We have clients crushing it with six, seven x return on ad spend. It is possible, but it’s not necessarily going to be like sit back and let it happen. You have to be very intentional with your strategy. So I’ve definitely said this before, and I’m going to say it again any time that there is a more challenging time, economically, or something happens in society or whatever, the foundation of your business is more important than ever because that is number 1. If you don’t have a solid foundation, you’re going to find out really quickly that you don’t. And number 2, if you continue to maintain a solid foundation and you focus on the foundation, you will continue to be successful. So your foundation of your business and your marketing is your offer, what you’re selling and making sure it’s very connected to what your ideal customer wants, how you talk about your offer, making sure it’s connected to those problems, desires, frustrations, and is a no-brainer when someone hears about it. It’s your messaging, it is your ability to stand out with that messaging in everything you do. It’s your authenticity, it’s the alignment to you and what makes you different. It’s also the alignment to your ideal customer and what they’re experiencing right now, and have you changed the way you talk about it or are you still doing the same things you’ve been doing for the last 3, 4, or 5 years, and it’s also your strategy.

 

It’s having a solid strategy to make sure consistency is a major part of your business, and then finally, it’s your warm audience, like your warm audience having a list, having people who consume your content and follow you. I say this so many times. It is priceless because if you have that, you will always be okay. Having an email list is number 1, and number 2 is an audience of people like podcast subscribers or even social media followers. That’s an asset to your business when people go to buy businesses. They literally sometimes just buy the email list because it is that valuable. So having that and making sure you have a plan to consistently grow that in 2024 is going to be critical. So that’s the first thing, your foundation is more important than ever, having your marketing dialed in is going to be the only way to survive, and I am not just saying this because I’m a marketing agency. Actually, I actually saw a post, I forget who did it the other day that was like marketing used to be optional, like you could have it kind of half together, not very good, not very dialed in. Now, in today’s world, you will be completely drowned out by creators, influencers, and the noise online if you don’t have your marketing dialed in. So people sometimes wonder, why am I not getting sales? It’s like you don’t have any traffic. You don’t have any leads. You don’t have a strategy. You don’t have solid messaging. Your marketing has to be dialed in. It is probably the number one most important thing next to having a solid offer that you can do for your business next year, for sure.

 

The third piece to this is, and I’ve talked about this one but buyer hesitancy is going to be higher when the economy is not doing well, then people are a little bit more hesitant to make buying decisions. They’re still going to spend money. People will still buy. There are so many studies and things about how in tough economic times, people were still buying chocolate and different things. So it’s all about how you’re positioning your offer. And consistency is going to become such a key because if buyer hesitancy is higher, you’re going to have to work a little bit harder to build the relationship and the trust with your ideal customer and potential customers so that they decide to buy. This means that sales cycles might be a little bit longer. Maybe in the past, your leads would buy within thirty days of joining your list, and now it might be within three to six months, which is why consistency is going to be key. You are going to have to play the long game. This is a side note piece to this. But businesses who look at their business. Not just like this year but the next one, three, five years and they look at the things they’re doing today that are going to impact that and get out of the mentality of like just the instant gratification are going to do better.

 

There are things that you will do this year such as consistent content. For example, I’m starting a Youtube channel. I don’t even care about my numbers right now. I mean, I care but I don’t care. It’s not going to impact am I doing this or not doing this for six months. Like I’m just committed. Once a week, six months. I’ve invested in a strategist who’s choosing my topics, who’s choosing my thumbnails because I don’t want to learn how to do that six months, no questions asked. I’m doing it, and I’m going to see that payoff, but I’m not going to get an instant payoff from it, and I know that. So I am very much investing in places where I know I’m going to build my foundation, my warm audience, and the impact my business has that’s going to impact me in a year, three 5 years from now that I don’t even know exactly how yet because I can’t. But I know it will pay off. And that’s why, again, like literally write the word consistency somewhere in your office and look at it every day because consistency is one of the only rules for everybody’s business because if you’re not consistent, you’re not growing your audience regularly. You’re not growing your email list; then you’re not going to generate sales consistently and, therefore, you don’t have a sustainable business. I don’t have a lot of like one-size-fits-all rules or things about business that everybody has to do. Consistency is 1 of them.

 

The next piece around 2024 navigating the economy that I think is going to be important is naturally if people have less money to spend, the lower-priced products are going to do well. I’ve seen this shift and pivot over the last few years where people who in the past, maybe would have invested in a higher-ticket program or even done-for-you services because they had the money and now they need to go a step down. The reality is they have to meet themselves where they’re at financially and put the time into their business that they normally would have been able to outsource because of where they’re at with the economy. So maybe for you, this is a very custom suggestion because it’s not going to be true for all of you, and so take this with a grain of salt. But having a value ladder where potentially you launch this year a smaller-priced product or an option for supporting people who might be struggling financially. It doesn’t mean get rid of your higher-priced option. But I’ve done this in my business the last few years where I’ve created other options trying to help get people to our highest-level offer but also having options in my value ladder to meet people where they are financially and how much they can invest in their marketing.

 

So maybe a strategy for you in 2024 is thinking about okay, I have my core main offer. Now, the people who just absolutely will not be able to afford this because of the economy because they might be struggling more and I still want to help them, and I want to get them to the place where they can afford this. What could I give them? What smaller-priced product? Maybe it’s just a digital product. Maybe it’s a watered-down version of your higher product. I don’t know without diving deep into your business and your offer, which is something that we do with clients. But maybe there is an opportunity there, and that’s how you could create revenue and cash for your business because if you have a warm audience and up until this point, the price to work with your business or buy your offer was x y z. And now you have a lower option.

 

You’re going to naturally get a lot of sales because you do everything right, and nail the offer positioning, the offer itself, and the strategy to sell it. That’s a great way to generate cash for your businesses, right? And then the last piece, and this is what I/we really wrote in the Playbook. So you’re getting a lot more through this series, by the way. Like this is meant to be in conjunction with the Playbook series. So I’m giving you more than what’s in the playbook and diving deeper on some of these predictions, but this is that. In all that you do, like as you’re selling your offer, you’ve got to position the must-have positioning and an ROI to buying your offer. Even if you’re not selling — like I know an ROI is a term for business and B2B offers — but even if you’re selling a B2C offer, even if you’re in the health and wellness space, like the way that you position your offer has to be: you must have this, like this is non-negotiable. You need this, and here’s why you need it and here’s the problem it’s going to solve.

Because the reality is this: with the economy, people’s problems might shift, but they’re not going to go away. Your ideal customer is still going to have problems. So can you still solve their problems? Yes, but your copy and your language and your strategy are going to have to position your offer as you cannot afford not to buy this. Like here is the payoff for buying it, whether it’s monetary payoff, time, health, relationships, whatever. Everybody — I know in the last year, everybody, literally everybody, including myself, has had to rework their messaging, their sales pages, the way that they sell offers and make massive changes and uplevels in order to meet this requirement to be able to sell a must-have with their offer. And I don’t think enough people are talking about this because the biggest influencers out there that I’m friends with and know, and know the amount of pivoting and adjusting and changes they’re making behind the scenes to be able to do this is a lot, and myself included. 

 

Our messaging is so dialed in because it has to be. So just remember as you are looking at 2024 and if you’re like, ‘I don’t know, is the economy going to be okay?’ or you have that fear, I want you to boil it down to number one: you’re not going to look at things through a scarcity mindset. There will always be opportunity out there, always. And number two: your audience still has problems that need to be solved. So are you connected to those problems? Have they changed? Have they shifted? Have you connected back to them recently? And number three: how are you going to position your offer as a must-have to those problems and what’s the direct payback and ROI, monetary, time, or whatever, is to buying your offer? And I bet you, if you look at your marketing, you’ll find so much opportunity to improve that. And then do really well this year. And fourth thing is you have to have your marketing dialed in this year. Like in tougher economic times, it is so important. And what’s cool about this is we will come out of this tough economic time. Like I don’t know exactly when, nobody does. But when you do and you have this dialed in marketing and you’re very in tune and aligned with your audience and you and your authenticity and you’re standing out and like if you’re crushing it and doing well in a harder economic time, you’re going to explode when the economy gets better. 

 

So play that long game and work on that consistency, build the foundation, keep the foundation solid, and there is no way you won’t be successful. Alright, you guys. This was episode one of the five-part series of my 2024 marketing predictions. If you haven’t already, go grab the playbook. It is so, so good. There are so many strategies in there, so many ad examples. Like it is truly our best resource. So go grab it. It’s free: hirshmarketing.com/playbook. And I’ll talk to you guys tomorrow!