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 © 2008
www.fifield.co.uk e: info@fifield.co.uk tel: +44 (0) 1962 877757
Recession a Marketing Opportunity - download pdf full article
CIM Marketing Seminars & Workshops Masterclass Series
Sessions attract CPD points for CIM members
Email Marketing Courses or telephone Sarah on 01202 706 975
For more information from oi solutions email us or call 01202 706 975
