It’s likely that the brands, tactics, and strategies you took into the recession are not going to be what you need to bring back customers as we recover.
Too much has happened. People have lost faith not only in Wall Street brands, but all corporate brands to an extent. They’ve also learned the value of savings, the high cost of credit, the sudden uncertainty of financial markets, their vulnerability to job loss. All these shifts affect buying behavior.
What also has changed, most likely, are your priorities as a manager or owner. Cash is king again. Inventory is death. True partnerships are golden. The price has to be right. Experimentation is necessary — but too many bad bets are draining. Flexibility trumps consistency.
So how does all this change how you reach your customers when the bear turns into a bull again?
Harvard Business School marketing professor John Quelch offers seven recommendations for marketers to plan ahead. His advice, writing on Harvard Business Publishing includes the following:
- Focus on high-potential customers.
- Don’t assume a return to normal.
- Assess your target customers’ trust in your brand.
- Stay focused on costs.
- Know your lead indicators.
- Develop scenarios.
- Don’t wait for permission.
