The jobs of marketers survived the recession. They will have more opportunities when the economy recovers. However, don't sit still and wait until the economy really recovers.
You've made the necessary adjustments, weeding out ineffective distributors, leaving behind unreliable or unprofitable customers, removing unsold products from your portfolio, and focus marketing budget on mass media to bring high revenue for investment.
You may have to downsize your business, whether voluntarily or involuntarily, but at least you still have something to do in a recession. Here are 7 suggestions for market makers to plan ahead for the economic recovery:
Focus on high potential customers
Make sure you focus on building relationships with ambitious customers in growth industries where pent-up customer demand will explode as soon as the economy turns positive. If you're in a B2B business, focus on long-term or cash-rich customers who can help you recover.
But don't forget to take advantage of the pent-up demand that will explode from other customers as soon as confidence in their market is restored.
Don't assume everything will return to normal
The longer and deeper the crisis, the more opportunities customers will have to change their long-term attitudes and behaviors. Their coping mechanisms can become ingrained and create a new standard in consumer behavior.
Additionally, the competitive landscape will change. A competitive push coupled with new product launches could mean that consumers are viewing their products and services through new lenses. Listen carefully to your customers and revise your market segmentation.
Evaluate target customers' brand trust
Clearly, trust in financial brands is seriously declining. Many names like Merrill Lynch will never be able to regain consumer trust; If you're working for a brand like this, find a new job quickly.
But poor behavior in the financial services industry damages customer trust in all corporate brands. Confirm that your target customers still trust your brand, plan for more service support, and hold their hands tighter in the short term, even though service quality remains the same.
Maintain focus on costs
Many manufacturing industries (as opposed to service industries) are struggling due to excess capacity, even commensurate with pre-crisis demand. Compared to excess inventory in supply chains, especially durable goods, the result will continue to be downward pressure on prices. The economic recovery will not allow manufacturers to take a break from controlling costs and improving production capabilities.
Understand the demand forecast clock
Every good marketer understands specific demand forecasting meters, both at a macro and micro level, so that these meters can predict demand for their products over a period of time. next. If Wal-Mart appears to be less crowded, some consumers may be returning to Target and vice versa.
Develop perspective
How long will the current crisis last? That is a question that is being widely discussed by many people. And whether the economic recovery will be gradual or immediate, no one can predict.
Market makers planning for 2009 - 2010 need to remember Peter Drucker's wise advice: "A strategy is the ability to orient and adapt to opportunities." You need to know how to source supplies and expand your distribution network immediately if demand suddenly increases.
No need to wait for orders
Most companies will not begin reinvestment programs until the Wall Street Journal or Fed Chairman Ben Bernanke officially announces that the economy is in recovery. Be ahead of the crowd. Plan for the economic recovery now and be ready to pull the trigger as soon as possible
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