Boo hoo, we’re in a recession. Now that that is over, let’s get down to business.
If you’re currently scraping to get by, I’m sorry this post is not for you (and it may hit some soft spots). If you have some savings and business is going well or even thriving, now is the time to think about dominating the market.
Time has proven that companies advertising during a recession do far better after the upturn. Many firms are stronger now because they didn’t just survive a recession, they profited from the recession – regardless of the industry. Even Allstate Insurance has advertised that they began business during the Great Depression – they used the downfall of the market as an opportunity to grow.
Think about it, many companies are scaling back their advertising and marketing. Some have stopped advertising and marketing altogether. This has caused advertising costs to plummet. Now is the time to advertise – costs are cheaper, your competition is hiding and you can maximize every dollar you spend. To top it off for B-to-C companies, more people are staying home watching TV, listening to the radio, driving around town on staycations, and surfing the internet – all prime advertising avenues. For B-to-B companies, the business journals, industry publications and blogs are suffering, as are many trade associations. Step up and take charge! Lead your market out of the industry. If your company is third in the market for architecture and the top two companies are “hiding”, beat them up by advertising and marketing to their client base and niche markets.
The reason you want to dominant during the recession is to maximize mindshare for when we come out of the recession. People look for and follow leaders. If you are the leader during and on the way out of the recession, your firm will look like the leader in the industry. The best employees will come to you, your clients will pay more for your service, and prospects will come to you wanting to work with you. Imagine prospective clients coming to you because you are the leader. They respect you more and will pay more for the same work you are doing now.
If you’re the leader of the pack already, then you need to stay in front. You should have money saved from years of being at the top and charging a premium. You will have a few strategic smaller firms growing quietly and some not so quietly (see above paragraphs). Your role as the leader is to show the market that things will be okay and to cherry-pick the best projects from the pool of work. In this time of the lowest bidder mentality (another topic altogether), now is to time to purchase equipment, software, and hire specialist to streamline your business and become a more efficient company to price out the small firms.
Do you have a different attitude about the recession time now? Remember this is not the time to hide, cry, or whine about the economy. Now is the time to dominate your competition and own your market. Now is the time to be the leader that your clients, prospects, and the best workers rally around to lead the industry out of the recession.
Where will you be standing after the recession – on top with your thriving business looking down or on the bottom looking up, wishing you had seized the moment?
Boo hoo, we’re in a recession. Now that that is over, let’s get down to business.
If you’re barely surviving right now, I’m sorry this post is not for you. If you have some savings and business is going well or possibly thriving, now is the time to think about dominating the market.
Time has proven that companies that advertise during a recession do better after the upturn. Many firms are stronger now because they did not survive a recession, they profited from the recession – regardless of the industry. Even Allstate Insurance has advertised that they were started during the Great Depression – they used the downfall of many as an opportunity to grow.
Think about it, many companies are scaling back their advertising and marketing, some even to zero. This has caused advertising costs to plummet. Now is the time to advertise – costs are cheaper, your competition is hiding and you can maximize every dollar you spend. To top it off for B-to-C companies, more people are staying home watching TV, listening to the radio, driving around town on a staycation, and surfing the internet – all prime advertising avenues. For B-to-B companies, the business journals, industry publications and blogs are suffering too as are many trade associations. Step up a take charge. Lead your market out of the industry. If your company is third in the market for architecture and the top two companies are “hiding”, beat them up on it.
The reason you want to dominant the recession is to maximize mind share for when we come out of the recession. People look for and follow leaders. If you are the leader during the recession and on the way out, your firm will look like the leader in the industry. The best employees will come to you, your clients will pay more for your service, and prospects will come to you wanting to work with you. Imagine prospective clients coming to you because you are the leader and they respect you more and will pay more for the same work you are doing now.
If you’re the leader of the pack already, then you need to stay in front. You should have money saved from years of being at the top and charging a premium. You will have a few strategic smaller firms growing quietly and some not so quietly (see above paragraphs). Your role as the leader is to show the market that things will be okay and to cherry pick the best projects from the pool of projects. In this time of lowest bidder mentality (another topic altogether), now is to time to purchase equipment, software, and hire specialist to streamline your business and become a more efficient company to price out the small firms.
Do you have a different attitude about the recession time now? Remember this is not the time to hide, cry, or whine about the economy. Now is the time to dominate your competition and own your market. Now is the time to be the leader that your clients, prospects, and the best workers rally around to lead the industry out of the market.
Where will you be standing after the recession – on top looking down or on the bottom wishing you did not have to look up?
I recently read a great blog post on Constructonomics about how to get business in this economy in the construction market. We couldn’t agree more with what the author says, “Be better, and not just less expensive.”
