Updated: Jun 9, 2020
Denial, Anger, Rationalising, Despair & Acceptance - the stages of grief. If you aren’t already, you need to be at the Acceptance stage…now!
Here are a few ideas on being successful while the economy is slow.
Shift focus – Consumer demand and preferences change when the economy is slow. Be resourceful and shift your focus to what people need during a recession – can your product be angled another way so it essential and not an item that can be postponed? Purchases are dependent on consumers having disposable income and feeling confident in their purchase.
Advertising – Marketing is generally the first budget to be axed but you need to spend money to make money. Make sure you maintain a good level of brand awareness and tailor your campaigns to align with how people are currently engaged, be social.
Customer service – During tough economical times you can’t get away with poor customer service. A happy customer is generally a repeat customer. Remember that the transaction doesn’t end when the payment is received, keep the customer informed and maintain a high level of customer service throughout the customer journey.
Recovery – Take the lead and start nailing your strategy to prepare for the recovery. Be prepared for people’s values and attitudes to change following an economic downturn.