Navigating the Storm
At the beginning of 2009 I wrote this article for a few publications – this was written when “panic” was at a peak and we were all scrambling and desperately trying to find solid ground as the earth was crumbling under our feet:
Storming the Recession (Feb 2009)
Right now the country is gripped not only by Recession, but by Depression. The fear is absolutely tangible with everyone, as we face the storm that is raging all around us.
The money men are telling us to chase our debtors aggressively, delay our creditors as much as possible and cut back on spending. That’s fine if we all existed in isolation of each other but it doesn’t take a genius to figure out that this approach will have everything grinding to a halt in a very short space of time.
Instead of this negative approach how about, rather that defence, think attack and work towards ‘Storming the Recession’?
Let’s work hard – carefully but positively; let’s deliver great service to our customers instead of just good service and let’s keep our eyes wide open to spot the unique opportunities that will present themselves in this unique climate – can we allow ourselves to keep an open mind to the many opportunities that are out there?
Your approach to Marketing Activity will be a key factor.
If you cut back on your Marketing activity where will this leave your business? What impact will it have on volume? Will you fall behind your competitors, lose your footing in the marketplace and could it damage your business in the long term?
Also, if your competitors pull back from their activities does this present you with an opportunity?
Without a doubt business will not come as easy as it has in the recent past. You will need to be more pro-active than before, as your competitors could well be chasing your customers more aggressively than ever before. Can your business really afford to hide at the moment?
Accepting that the financial health of business may have changed you should re-evaluate your activities and seek better value from your Budget:
- Advertising – Evaluate effectiveness & negotiate (never has there been a better time to bargain!)
- Bring PR into the mix – Achieve valuable editorial
- Social Media Activity – Telling the great story of you and your business
- Promotions – Get your message out there through prize giveaways, often this can be achieved with no media cost
- Direct Marketing – Communicate directly to your target audience
- Customer Database – Ensure your database methods are in order so you can communicate economically and build customer loyalty through communicating information and offers
- Cross Selling – Increase business with customers by attracting them to other services
- Review – Make sure you are recording the results of your campaigns
- Team Review – All your team should fully understand your objectives
- Web Optimisation – Ensure that your website is in order and that your prospective customers can find it easily.
- Business Network – Increase your network of contacts proactively by joining and participating in business networks such as the Chamber
‘Storming the Recession’ is a positive strategy to deal with the current climate.
By delivering great service, operating as efficiently as possible, and by not hiding in the marketplace, you will be in a position to take advantage of the unique opportunities that will present themselves during this period and ride out this storm.
Have you stormed the recession?
Greg Canty is a partner of Fuzion
Greg Canty Fuzion Blog 