The first step to overcoming a recession is to realize the recession is not the problem. It’s just another problem in the normal life cycle of American business. The economy here and abroad has always fluctuated. Sometimes the money is tight and sometimes it’s free flowing. What never changes is the constant flow of new business opportunities if you’re persistent and strategic in looking for them.
It’s interesting to note that both very large and small companies need to adjust their strategic thinking, but particularly their brand marketing strategies to accommodate current market conditions. For many of us today, this means adjusting to a tight money supply and a very cautious mindset among prospective customers. Given these conditions, what should a savvy marketer do?
• Work harder or work smarter?
• Be the expert. Know the issues.
• Add value-added services to your current product/service offerings to maintain your current pricing schedule rather than simply lowering them and endangering your profit margins.
• Be persistent.
• Look for new ways and in new markets to present primary products/services to induce additional sales marketing opportunities.
Cue: Following the leader in your market often works in an upward climbing economy. However, in a stalled or declining market this is rarely an effective strategy.