Wednesday, March 04, 2009

Focus Areas In Recession

There are four areas in which you can concentrate at the time of Recession. They are

1. New Product development and Innovation : You are likely to capture more mind space if you create a new product or add on feature during recession. Customers are likely to feel that you are a sound company unaffected by the Business Cycles.

2. Competition : Focus on Competition, this is the time when you can twist the arms of weak businesses and send them out of business or gain a competitive edge over them.

3. Consumers : Start new programs for consumers, focus on retaining the more capable of consumer with deeper pockets. Cross sell and up sell to these consumers.

4. Communication : This is perhaps as important as all the other facets of focus areas. Communicate warm messages which are likely to be reassuring to the customers and make them spend whatever money is at disposal to them on your products when given a choice to spend.

No comments: