Recession looming? That’s the talk. Turn on the business news or do a search for “recession looming;” the business media are putting their spin on the likelihood of a recession.
While reactions to recession fears tempt some businesses to cut back on spending (‘We’re going to have less income, so let’s spend less”), that’s the wrong approach. That’s when you need to ramp up marketing, market research, and competitive intelligence.
- Marketing. When a recession comes, consumers spend less. Thus, businesses need to ramp up marketing to explain to consumers why they should continue spending money on their product. “You’ll need or want us because….”
- Market Research. Market research identifies trends and market activity that allow you to maximize your market plans. This is critical during market downturns. On a personal level, this is akin to my ongoing personal study of photography where I learn to anticipate photo opportunities; this resulted in anticipating the plane flying in front of the moon for the photo shown in this post. Also, anticipating market conditions allowed me to win the 2008 ‘Crystal Ball” Award from the Association of Professional Economists of B.C. for most accurately predicting five economic indicators of the Canadian economy for the previous year.
- Competitive Intelligence. Ongoing assessments of competitor activity – both on an aggregate level and one-on-one – help you plan how to optimize your comparative market position when it’s hardest to get customers to open their wallets.
Need help with your marketing, market research, or competitive intelligence? Contact me to “plan your plan.”