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Adapt and Thrive in a Recession
Large companies with strong positions usually fare
the best during recessionary periods and can even
expect to grow during such times. How can smaller
businesses survive and actually thrive in the
current economy? Take a tip from the big guys and
adapt your business to meet the challenges of an
economic downturn.
Bear the following in mind when preparing your
marketing plans:
Know your customers. You need to know what
your customers are expecting from you during tough
times. Don't assume that lower prices are the only
thing they are looking for; try to understand how
your customers are redefining value and adjust your
product or service to meet their expectations.
Adjust your product offering. In downturns,
customers often look to trade down to products that
offer more value with fewer extras. Evaluate your
product offering, prune poorly performing products
and stock up on what your customers are gravitating
towards for the time being. Continually monitor
customer buying habits and maintain the right mix of
product and services.
Maintain your marketing. Now is not the time
to cut back on advertising. Research shows that
businesses that increase their marketing in a
recession (while others cut back) actually improve
their market share and return on investment (ROI) at
a lower cost than when the going is good.
Shift your marketing mix. If you do have to
cut back, try to maintain your frequency with
smaller advertisements. Increase the use of direct
marketing, which allows for better tracking to
measure ROI and gives more immediate sales impact.
Consider running smaller, more targeted programs at
regular intervals to maximize your return.
Emphasize your core values. Maintain your
quality rather than cutting corners to ensure that
you keep your existing customers. Cement the loyalty
of your customers during economic recession by
reassuring them that they will continue to get the
same level of service and quality they're accustomed
to.
Successful businesses do not stop their marketing
efforts during a recession; they look for
opportunities to adapt and strengthen their
positions.
---Source: Modern Postcard April 2008
issue (www.modernpostcard.com).
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