With the dark clouds of recession firmly upon us and the doom and gloom merchants revelling in daily bad tidings
you have to ask yourself is it really worth getting out of bed in the morning? Yes it is.
Look beyond the dark clouds and see the silver lining of opportunity. You are facing uncertain times and the tendency is to cut back on marketing spend. Research clearly shows businesses that maintain or increase their marketing budget during a recession are more likely to increase their market share and at lower cost than during the good economic times.
Now is the opportunity to implement a marketing plan to deliver increased market share and long term growth.
Key to the success of this strategy is understanding changing market trends and customer habits. It is important to understand the implication of these changes on your business. In a recession consumers are less likely to spend, are more price sensitive and willing to postpone purchases or buy less.
We should not lose sight of the fact that while unemployment is heading for 10% there is another 90% of consumers in employment with income and money to spend. Your customers are just being more careful about how and where they spend their money.
Invest in market research, identify your customers changing purchasing habits and create and implement a marketing strategy to see your business through the recession and beyond.
