Marketing Professional Services in a Recession

By Lee W. Frederiksen, Ph.D.

With the release of recent unemployment figures there is a widespread recognition that the current recession is not over just yet. Many CEOs I've talked with are reacting with fatigue and disappointment.

It has been a hard pull for many businesses as they struggle to both conserve cash and maintain revenue. But their mood is often bleaker than the facts warrant. In many cases, their cost cutting has paid off and actual losses are quite modest. And many firms are even profitable and growing.

As a psychologist, I know that our emotions can become out of sync with objective reality. This is just as true for a business owner as anyone else. But if you are the leader of your organization it is important that you maintain a realistic perspective. Employees, clients and business partners will be looking to you for guidance.

What can you do? First, stick with the facts. Yes, things feel tough; but check out the real numbers. One contracting firm I talked with had experienced a sharp drop from a record-setting pace two years ago. They felt frustrated — even though their revenue was still well above their industry average over the last five years.

Second, make sure you maintain perspective. Find an objective outside advisor or a trusted friend or colleague who can keep you on the level. Avoid listening to all the complainers within your industry. Our research shows that average companies focus on competitors and the economy. High growth companies, however, focus on marketing and growth.

Third, it is critically important to keep yourself healthy. When you are under high stress and a heavy workload it's easy to drop your exercise regimen, drink more and sleep less. Not a good plan. You have to be able to keep your equilibrium for the long haul.