How will your agency face an economic recession? Does your positioning allow your agency to evolve and come out stronger? If you haven’t been preparing for a similar scenario, now is a good time to make some changes. Think about your agency’s position in the ecosystem of today’s market and how it could pivot to improve it. Today’s guest has seen some tough times in his 10 years in the business. He shares some of the changes agency owners can make to adapt and thrive during a recession. Manish Dudharejia is the founder and president of E2M Solutions, a full-service white-label digital agency. His team works mainly with digital agencies to help them solve their bandwidth problems. After 10 years in the business, E2M has worked with over 450 agencies across the country and currently has a staff of 160 people. He's a repeat guest and friend of the show, who has shared the complexities of the Principle-Agent problem and big decisions for a successful agency. Today he's helping us learn about surviving and thriving in an economic downtown. In this episode, we'll discuss: How the right positioning is the key to facing a recession. How, even in the middle of the recession, your agency can keep growing. Why a recession is a time of opportunity for small and mid-sized agencies. How to can face possible layoffs if business slows down. Subscribe Apple | Spotify | iHeart Radio | Stitcher | Radio FM How to Prepare Your Agency for a Recession To survive a recession, your agency needs a very strong position in the market and products/services that solve real problems. With a clear vision of your agency’s positioning and offer you’ll know exactly who your clients are. This requires some reflection about things you can improve and simplify in your offering. Regardless of a recession, if you’re having issues with onboarding, then you have a problem with your product or service. A recession is a great time to test out your product or service. If there’s an absolute need for what you offer, then your agency can go through a recession seamlessly. One mistake agency owners make during a recession is to stop offering some services. Many assume that, if things are slowing down, the business slows down as well. This isn’t necessarily the case. A recession is still an opportunity to make the most of your existing clients. It's easier and more economical to retain existing clients than find new ones. The key is being more communicative with your clients. Reach out and start a conversation to find out what they need. Are there any other ways your agency could be helping them?  You can do this without sounding “salesy” but by listening, taking a genuine interest in their business, and looking for new opportunities. 2 Tips to Keep Going During a Recession Continue marketing. During hard times, agencies should continue marketing and producing content. Write a weekly post and send a newsletter to clients to make sure they’re engaged. You want to ensure your customer service is top-notch so you’re not losing your existing clients. This is how your agency will continue growing in a recession. Be flexible. A little bit of understanding, empathy, and flexibility goes a long way with both existing and new clients. This applies especially to brands and industries being heavily affected by the recession. Why Agencies Have a Good Chance Withstanding Hard Times Agency services, like website building and maintenance, are essential for companies. Even in the middle of a recession, businesses want their websites to be up and running. They are still likely to hire agencies for essentials like websites, SEO, and content as a way to engage new clients. Don’t assume a recession means staying put and waiting for the fall. Embrace new activities and services and maximize other areas where you can. A recession may be a time when your agency loses some clients, that is true. However, it can also be a reset and an opportunity to go after new clients at a higher rate. Agencies