Recession – a marketing opportunity
|
Biography
Paul was appointed Visiting Professor at Southampton University School of Management in 2006. He is currently President of the CIM Southern Region and a Fellow of the Royal Society for the encouragement of Arts, Manufacturers and Commerce (FRSA).
See www.fifield.co.uk
|
Professor Paul Fifield
Over-indulgence is often followed by a hangover
After 14 years of over-indulgence, how big a hangover do we really deserve?
Recession, the “R” word is suddenly on everybody’s lips. It raises fears, doubts, worries and concern – but why?
“Downturns”, like disease, will always be with us. It doesn’t really matter when or where we are, the great cycle of good times – bad times – good times seem to roll over us regardless of what we (or any Chancellor / Finance Minister) can do – or any promises an eager Prime Minister can make.
Anyway, assuming the recession is really coming, you have three options:
1. Ignore it and hope it goes away
2. Batten down the hatches and hope to weather the storm:
3. Use the recession to grow your business
Recessions are regular, if infrequent, visitors. We have a fairly good idea what happens in a recession:
· The top/exclusive end of the market remains largely untouched
· The bottom/cheap/economy end of the market remains largely untouched
· The ‘mid market’ of undifferentiated, mediocre businesses gets devastated – deservedly.
· Customers learn to spend differently and, as a result, their values change. They start to want/seek new and different things
Recessions tend to be very bad news for the ‘product-push’ organisations. What else can they do?
For the customer-driven organisations the outlook is much brighter. When money is scarce the customer offer has to be worth it ie “different”, “made for me” or “integral to my life”
- and certainly not just cheap!
Maybe we should treat recessions as a marketing opportunity. Now there’s a thought…
Paul Fifield © 2010 www.fifield.co.uk e: info@fifield.co.uk tel: +44 (0) 1962 877757
Recession a Marketing Opportunity - download pdf full article
For more information from oi solutions email us or call 01202 706 975