Weathering the Storm: Market Strategies for Any Economic Environment
A business downturn makes all the headlines, but successful companies know that
understanding, anticipating and responding to changing customer needs is not only
the key to weathering the storm, but a sound, forward-thinking strategy that will
yield positive returns in both the short and long term.
The bad news started in mid-2007: issues with the housing market, the credit crunch,
oil well north of $100 a barrel and billions of dollars in write-downs at financial
institutions around the world. Now the trend has spread to restrained consumer spending,
job loss and sliding corporate profits. So what’s a business to do to stay competitive
in the current economic environment and position itself for growth in the future?
While economists debate whether or not we are now in a recession and how long one
might last, smart business managers must deal with the everyday challenges of keeping
existing customers loyal, developing and implementing strategies to win new ones,
and taking market share from their competitors.
Many companies react to economic downturns by frantically cutting expenses, retrenching
and going into bunker-mentality mode, praying the downtown won’t last too long.
This is not a good idea. Being reactionary will not optimize the short-term situation,
and more importantly, may leave the long-term outlook in jeopardy. It is therefore
critical to take a step back and consider a course of action that will safeguard
both your current and future prospects...
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