I came across a phrase recently that caused some professional self-reflection: “Don’t waste a good recession.” Consider the deeper meaning behind those few words.
Everyone is waiting, watching, wondering anxiously when the next shoe will fall, or even if it will fall. We have seen some businesses pull up the welcome mat and huddle behind their walls waiting out the storm. We have watched others take advantage of the recession and see the glass as half full.
While we do not subscribe to the philosophy of overspending wildly on marketing, (yes, you heard it from a marketing firm!), history tells us that those who continue to spend strategically on their marketing efforts will not just stay in the game, but be far ahead of their competitors when the economic pendulum swings back.
But that is the key concept: Spend Strategically. Don’t waste a good recession on doing the same old things the same old way; work with people who can give you a fresh perspective on targeting your customers.
Basically, all the things you ignore when you are too busy in the good times are things you can and should do now – upgrade software, revamp your website, overhaul your internal processes, conduct research about your industry and your target markets.
Take advantage of the downturn and make use of these extraordinary times to become an extraordinary business!