Looking at the Upside of the Downturn

I do not mean to make light of the difficulties many companies and people are facing during this recession. But I have been thinking that there is a bright side to it. It forces us to be more reflective. We were blessed with an unprecedented run of good fortune previous to this recession. We were happily producing and consuming. We didn’t need to, nor did we have time to think deeply about our brand. Well, my friends if you haven’t started yet, now is that time.

This morning on the local radio station I was reminded of this fact by a terrific article entitled, “Mass. Companies Find Upside in the Downturn“. The gist of the article is that market shares change more during a downturn that any other time. That many companies have trouble being flexible and the others take advantage of the sudden openness of the consumer (B-to-B or B-to-C) to try something new, especially if the value is there. Check out the article’s race car analogy.

As I alluded to in previous blogs (Marketing in Tough Times and Sustainable Marketing) now is the time for market research, customer focus, and R & D to deliver superior value. Marketing is a long-term strategy. Invest now and the market will stay with you when the economy improves. This is true for all companies, especially technology companies. Don’t just take my word for it, Joe Morray, of Trinity Technologies, wrote on the subject, “Information Technology Investments during Tough Times“, published in Insight Magazine, issue 24. It’s a strong argument for the importance of investing in your company in all kinds of ways.

We have all seen the lists of companies that thrived and became market forces post downturn. You could be on that next list.

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