Fear Not: Recession as Opportunity

By April 16, 2008Blog

It’s no wonder that we fear recession, between the fledgling housing market, the growing credit crisis, the weakening dollar and climbing gasoline prices. That fear can be pervasive and threatens to quietly erode your company’s confidence. Here are three ways to turn trying fiscal times into true successes:

1) Strengthen your brand. Consider the threat of recession as an opportunity. A changing economy is right up there with new product launches and corporate mergers in major milestones for re-examining and re-articulating your company’s strengths. The resulting good branding practices are critical to boosting efficiencies, increasing customer loyalty and drumming up new business.

2) Clean up your marketing. The common mistake is to scale back or dry up marketing efforts in order to save costs. This is like refusing to eat because healthier foods can be pricy. Instead, fuel the fire correctly to sustain steady energy. Hire a third party to help you strategically pinpoint what works, trim inefficiencies and stay the course. Large agencies can charge a pretty penny that may be unrealistic in a soft economy. Seek out competent independent consultants with solid agency experience and more reasonable rates.

3) Stay positive. Remember, the psychology of recession may be what’s most damning, not the economic downturn itself. According to the National Bureau of Economic Research, “most recessions are brief and they have been rare in recent decades.” American media drags us down with negativity. Go against the grain by instating a policy of unwavering positivism among your staff. The collective bright outlook is a surefire way to stand apart from the competition and continue to attract consumers.

At the end of the day, a strong brand, clear marketing focus and positive outlook will prove crucial to your business success, especially now.