Economic downturns pose umpteen challenges for every business. Recession is no time to panic, but it is time to be open to making strategic changes and improvements in your company, avoiding any missteps so it can withstand the downturn.

Two of the biggest mistakes marketers can make are to continue business as usual and 

cut back drastically on their marketing activities. Both of these are short-sighted reactions that lead to missed opportunities.

In periods of economic downturn, armed with intelligence brought by internal research and data analysis, companies and their marketers should rapidly make any appropriate shifts to strengthen their position, drop counterproductive activities, and double down on what works.

As of the writing of this paper, many global brands and start-ups alike have made the decision to cut budgets and lay off staff. It’s highly likely we are in a global recession, albeit one that is asymmetrical across business sectors. This is supported by the opinion expressed in The World Economic Forum’s Chief Economists Outlook that explores many of the key forces currently driving the global economy and disturbing the lives of people and businesses across the world. In the absence of contingency planning, recession fears can create a self-fulfilling prophecy.

Reacting on the fly, companies can feel compelled to act in ways that are counterproductive to their survival and long-term success. Whether it be making steep cuts to marketing budgets, or retaining a business-as-usual approach, which is the equivalent of sticking one’s head in the sand, companies that fail to adjust to the new landscape, risk entrenching revenue hardships that will stifle business growth long after the recession ends.