De world is shaking and shivering… We are experiencing the biggest crisis ever. We do not know what impact the recession will have… Companies go bankrupt, people lose their jobs and as a result of this… No one moves… Everyone stops spending. What to do? The ultimate challenge for 2009 is to maintain your revenue and at the same time increase your market share as a result of that. A marketing revival? See here how you should perform Recession Marketing…
No 1: Reconnect With Your Clients
Your clients have changed since the last 3 months. The order of their values have changed considerably. Security, safety, cocooning, discipline, order, confidentiality and family life are top of their agenda. You think you know your clients but actually you do NOT. Take a close look at your client segment. Analyze your client behavior, not only from your desk but visit them and have a chat. In the crisis not all segments are affected in the same way. Families with children are hit, the families without kids will probably have more dinners at home. Youngsters will hardly change their behavior and the grey and old do not consume that much.
No 2: Innovate Smart During Recession
Innovation is a must. The crisis doesn’t change that. We identify radical, smart and strategic innovations. Radical innovations, creating complete new markets, are still possible. In fact, they are so close because of technological developments and despite the crisis will just continue. Smart innovations are about maintaining the revenue and market share in the current market. The idea is to create small connected innovations to improve the product and to inspire and surprise your clients (crisis packaging, Nokia silence booth) . Strategic innovations are in fact innovations on your business model. Innovations on business models are necessary to survive in the industry. Take for example a swatch with a ski-pass inside. Innovation needs to speed up! Do not waste your time on research but try (trial & error).
No 3: Don’t Go Silent
Mostly companies are inclined not to invest and to reduce costs. That is easy. All your competitors will do so. Easy to stand out by doing the opposite. But invest on smart ideas. “When times are good, you should advertise. When times are bad, you MUST advertise.”
N0 4: Encourage Creativity
Don’t do what normal managers would do. Look at your creatives. Don’t focus on cost reduction but on creativity. Do let fear run your mood… Welcome uncertainty. Njoy the process and not only the output. Focus instead of meeting and all kind of overhead tasks.
No 5: Sharing and Cooperation Will Increase Opportunities
You are not alone! One of the patterns in business modeling is creating partnerships and make it work. It is about your strategic partners, suppliers, people, distribution and customer relationships. Study your value chain and brainstorm on new products that you can deliver with your partners. Look at the bigger picture. Who can help you? Make friends! Unexpected friends…
But what do all these rules need? Leadership. And leadership starts with believe and trust in yourself. If you don’t think you can manage? You won’t! Leadership is needed as well as passion, energy and pugnacity. Motivation will make the difference. Leadership is about paying attention and serving as an example. Be visible. “A leader is a dealer in hope” (Napoleon Bonaparte).
These Golden Rules are inspired from the book “Recessie Marketing” by Roland and Rogier van Kralingen.