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.
- 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.
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