Wednesday, May 27, 2009

Optimism: How to Survive the Recession

By: Colleen Davis

Economists suspect that the current recession in the US today will turn for the worse and might even surpass the period of decline during the Great Depression in the late 1930's. Whilst the Great Depression was 'accidentally' solved because of the start of World War II, the depression experienced today seems to have no immediate solution. Most businesses today are feeling the crunch. Top Fortune 500 companies who have weathered several economic downturns in the past are finding it difficult to stay buoyant.

Evidences of the effects of this downturn can be seen from the dampened mood to invest as well as the reluctance of consumers to part with their money. Asset and stock values have plunged to an all time low as well as consumer buying. Are companies ready to declare bankruptcy? Is there a light at the end of the tunnel? Experts suggest that this disaster is actually opening up opportunities. That is, if businesses just know how to unlock them. These experts think that through an aggressive marketing posture, the advantages of the crisis could be had. What does that mean exactly? The philosophy behind this advice of maintaining an aggressive marketing posture is anchored on the idea that businesses should maintain an aggressive marketing campaign when the natural tendency is to pull back or cut back on promotional efforts.

This just means that while most businesses are cutting back on the production of marketing collaterals such as flyers or poster printing, businesses should even increase its production a notch higher than usual. The logic behind this is that most businesses face fewer competitors during downtimes particularly because those without a solid foundation tend to collapse or go bankrupt. Others scale down operations because of the dampened consumer demand for non essential products or services.

The few remaining businesses are less motivated than in a period of sustained growth. Businesses can further insulate themselves from the effects of a recession by implementing creative marketing strategies which is ultimately aimed at stimulating consumption. Discounts or price cuts are strategies to stimulate consumption. One day sales are powerful because it creates an illusion of big discounts. Complement this sales with posters printed on the same day to achieve maximum effect. Finally, businesses should maintain a positive outlook. They have to stay upbeat and optimistic and think of the current recession as an opportunity rather than a disaster in itself. Anyway, failure is only for those who cannot think beyond the here and now. Success is for those who use the humps and bumps to propel themselves to greater heights.

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