INSIGHTS
from this side of the desk
Recession Recovery Gets Marketing Adrenalin Back on Track
03/17/2010
The train is leaving the station! The recession is much like the workings of a train - during a recession it is completely stopped, engine off. But now that the recession is waning the train is well on its way and gaining momentum every day. Soon it will be at top speed.
There are several ways in which companies can assist in recession recovery. They all involve creating and retaining innovation. There are ways to make the train go even faster!
1. Incent and attract talent. Talent is is the single most important variable in innovation.
2. Invest in technology. The rise of social marketing and consumer confidence means more conversations with customers.
3. Don't be afraid of some risk. Instinct in a recession is towards conservatism. True innovation requires taking some chances.
4. Re-think new product development. Now that growth is returning to the marketplace you will need more innovative products to attract new customers.
5. Define the difference between fiscal restraint and penny-pinching. The latter does not accelerate growth.
6. Try hard to get over "risk-averse" behaviour. It tends to stymie innovation.
7. Reach out to experts in the fields of research, development and marketing. "Consultant" is not a dirty word. They offer outside innovation ideas and strategies.
All aboard the Recession Recovery train!
We'd love to hear from you. If you have any comments on this topic, please forward them to Janice Johnston at jjohnston@adcomcommunications.com.