“While most companies tightened their belts, successful leaders (referring to the post-recession market leaders) trading lower short-term profile for long-term gain, refocused rather than cut spending… Yet, in expansionary periods, successful leaders spent significantly less than did their former peers.
“Think of a recession as a sharp curve on racetrack – the best place to pass competitors, but requiring more skill than straightaways. The best drivers apply the brakes just ahead of the curve (cut excess costs), turn hard towards the apex of the curve (identify the short list of projects that will form the next business model), and accelerate hard out of the curve (spend and hire before markets rebound).”
Many in the enterprise category may find themselves in the “pained-but-patient” behaviour and find their product as a treat. This means that different tactics need to be theorized and actioned to push forward. Walmart aggressively grew during the 2001 and 2008 recessions by pushing their “Great Value” brand, and “everyday low prices” strategy.
If you have the resources to grow, this is the time to do so. Ad costs/competitive focus will be lesser, and the world is not stopping. It is just slowing down.
Get Rival CI now to monitor the changes your competitors are doing with their tactical changes, pricing, positioning. You need to know everything about your competitors to be able to pass them in this curve and come out stronger on the other end.
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