Hard Times Ahead

Wednesday, July 11th, 2012 at 3:02 pm

It seems the financial horrors of 2008-2009 weren’t enough as another (apparently inevitable) recession is quickly approaching. The good news is that this time we have fair warning and we (hopefully) have learnt our lessons on how to deal with crisis. Everyday news publications, online and off, are printing advice on how to prepare individuals and companies for the hard times that are ahead.

Amongst the advice is:

1. AdAge published 5 certain ideas for CEOs in uncertain times. They included, filling the leadership void; focusing on consumer values; focusing on brand values; understanding how 2008 changed consumers; and charting a plan to grow market share.

2. Digital Marketing Company, Econsultancy offers 5 tips that are quite similar to those listed by AdAge, including not panicking; saving for a rainy day; identifying your weakest and strongest customers; focusing on value; trying your best to keep your best people.

3. Canadian online financial news source, Financial Highway, listed 8 tips on preparing for the next recession. They were, understanding recession; reducing your debt; building up your emergency fund; cutting costs; balancing your portfolio; doing more at work; diversifying your income; and continuing with your investment plan.

Recessions make people tighter and less trustworthy. They are harder to convince and are not spending as frivolously. Their inhibitions make them less open to trying new things or adopting new ideas. So what does that mean for businesses? It means sticking to what you know and do best. Offering services and products that make people feel reassured rather than those that are trendy or new. If you’re selling food, sell more for less. Sell products that last longer and feed more mouths. If you’re selling home packaging products work on building items that last, are dishwasher friendly and recyclable. Fashion designers might be advised to focus on staple pieces and clothing retailers to emphasise their basic lines more than their seasonal items and accessories.

As for marketers, follow the advice of all the sources listed above and become educated and comfortable with the subject of recession. Understand the thoughts and worries going through consumers minds and appease them with reassuring taglines and campaigns that make them feel understood. Make them feel like you (the brand) are in the same boat as them (the consumer). In tough times people like to feel like they aren’t alone. It helps if the brands/people they are buying or taking advice from seem like they understand what they are going through and are doing something about it. That might mean adjusting their products or services, their prices or their brand message.

Adaptive Consultancy is a London-based digital agency
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