In this video, Steve Robinson shares his insights on how businesses can take advantage of a recession to gain a competitive edge in the marketplace. He discusses two scenarios: having the cash to weather the storm and not having the cash. In this episode, he focuses on what to do if you have the cash.
Key Takeaways:
- A recession presents a huge opportunity for businesses that have the cash to weather the storm.
- Competitors may be acquired, fold, or pull back on marketing, customer service, or product development, creating gaps that businesses can fill.
- Businesses can differentiate themselves by focusing on value and trust rather than being the low-price leader.
- In times of change, decisions count more and having a strategic plan to gain market share is crucial.
- Businesses should be adaptive to a changing marketplace, run experiments, and jump in to take that market share while they can.
Businesses that have the cash to weather the storm during a recession can take advantage of the opportunities it presents to gain a competitive edge in the marketplace. By being strategic, adaptive, and focusing on value and trust, businesses can differentiate themselves and fill the gaps created by competitors. It’s important to have a plan and run experiments to figure out what works and what doesn’t. Watch the Marketing During a Recession Part 2 video to learn what to do if you don’t have the cash to weather the storm.
Subscribe to the Brilliant Metrics YouTube channel for more marketing insight to help take your strategy to the next level.