A downturn opens the door to gain market share and out-innovate your competitors. Recommended reading
By now, you’ve probably been exposed to hundreds of articles and blog posts in the media trades justifying the need to keep the marketing faucet on at all times – no matter how painful. But in the current issue of Harvard Business Review, of all places, Boston Consulting Group partners David Rhodes and Daniel Stelter, argue convincingly that “companies that injudiciously slash marketing spending often find that they later must spend far more than they saved in order to recover.” (See Seize Advantage in a Downturn).
Rhodes and Stelter look at marketing as part of an overall “recession checklist.” They patiently demonstrate that many companies fail to see opportunities hidden in economic downturns. But, before jumping in with both feet, you first need to a thorough, but rapid assessment of your own vulnerabilities and then move decisively to minimize them. More