So you've been marketing in a recession. You made the necessary adjustments in your marketing mix, shed unprofitable customers and focused in on your most revenue-now marketing initiatives. Here we'll describe some ways that you can take steps today to ensure that your business performs well on the upswing.
Get your mind right.
As we've noted before, thoughts turn into actions. So to get results as a strategist on the flip side of the recession, your mind has to be reprogrammed. Needless to say, step 1 in allocating marketing resources after the recession is to get your mind right.
It's been well cited that the longer and deeper a recession is, the more likely consumers will adjust their attitudes and behaviors permanently. Their coping mechanisms may become ingrained and define a new normal.
This is a mental minefield that consumers are prone to and you may be aware of.
But what marketing strategists often fail to consider is that the way they strategize may have adjusted as well. For instance, if your CEO has been urging you to only spend on short-term performance initiatives for the past year, then it may have changed your philosophy more than you realize.
This is a real phenomena, folks, and if you intend on making the right maneuvers now to capitalize on competitor weaknesses, then there are three types of mental minefields you need to be aware of.
- Johnny Chan, CMO, eBoost Consulting
What I encourage you to do today is a self-audit on which trap(s) you are most prone to. Increased self-awareness inevitably leads to improved leadership.
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