Marketing experts say companies can’t afford to wait for the Wall Street Journal to declare that recession recovery has begun. Their advice: “Start planning now and lead the pack in reaching post-recession consumers.”
Several strategies can help keep businesses prepare for change – regardless of when it actually gets here, says John Quelch, author of How Marketers Should Plan for Recovery. These include:
- Adjust expectations. The recession has changed attitudes and behaviors of many consumers permanently. Remember when recovery arrives, they will see your products through a new lens.
- Keep controlling costs. Manufacturing overcapacity and excess inventories will continue to push prices downward. To stay competitive, remain focused on costs even after recovery begins.
- Plan for a variety of scenarios. No one really knows how long the recession will last or how quick the recovery will be. Your recovery plan should be adaptable to a variety of scenarios. Think of your strategy as directional, not certain.
View more ALFA Update articles!
Feedback
- Share your comments on the new ALFA Blog, Re:source 2.0.
- Submit your comments using our $LC:ACTIONFORM:-12:online contact form$.
- Email [email protected].
