“Over two-thirds (72 per cent) of small and medium-sized enterprises (SMEs) are now expecting a recession. However, under one third (28 per cent) have rewritten or adapted their marketing plan to prepare for it, according to research from marketing company New Brand Vision.
Ben Harris, MD of New Brand Vision, says: ‘Many SMEs were not in business during the last recession and won’t anticipate how they could be affected. It’s worrying that, with so many firms expecting a downturn, so few are actually taking steps to plan for it.'”
How is it that so many firms believe we are headed for (or are currently in) a recession, yet so few are willing to adapt their marketing plans to effectively manage their future? The reality is that most firms choose to “hold on tight” through a recession rather than proactively adapt to the changing market. In my last post on Marketing in a Recession we discussed the ways that a firm can refine and reshape their marketing program. I received numerous e-mails and calls from many of you discussing how you have effectively refined and reshaped your business (or plan to now) to meet the changing market. Based on these discussions I wanted to pass along some additional resources that I hope you will find helpful:
Marketing in a Recession: Additional Resources
The Canadian Marketing Association has a great post entitled: Recession-Proof Your Business: Focus on Current Customers
I like Wendi McGowan‘s 5-steps in her post on Recession Proof Your Business
Mark Riffey has a post from this morning on his blog Business is Personal relating to developing a plan for your business
For those of you in the A/E/C industry, let me refer you to Construction Marketing Ideas where Mark Buckshon continues to post relevant posts everyday on marketing