Add your Article
Take Advantage of Recession
By manager@ni247.com Published: 25/10/2009
Consumers take more time searching for durable goods and negotiate harder at the point of sale. They are more willing to postpone purchases, trade down, or buy less. Must-have features of yesterday are today’s can-live-withouts. Trusted brands are especially valued and they can still launch new products successfully but interest in new brands and new categories fades. Conspicuous consumption becomes less prevalent.
1.Invest in R&D. Innovation will propel you to the front of the pack when the economic environment improves.
2.Raid competitors. The competition will focus on maintaining their best customers, leaving you to cherry-pick smaller but still attractive clients.
3.Help suppliers and distributors. Build loyalty by offering your best partners a helping hand.
4.Recruit talent. Downturns provide great opportunities to snap up high achievers at lower prices.
