December 15, 2008

The R-Word, and the Upside

Although these recessionary times are hitting a lot of businesses hard, some have actually picked up as people turn to cheaper alternatives of spend-spend-spend.

Repair shops, thrift stores, job-counseling and related services (like resume-writing), bookkeeping services, temp and collection agencies are all considered recession-proof. The health-care sector is usually considered resilient, although it was also hit by the downturn in the 80s.

I guess the general theme is that these businesses market themselves as meeting a need, rather than a luxury. Businesses that do not sell their products and services as essential will probably take a hit.

The Harvard Business School offered these eight factors to consider:
1. Research the customer
2. Focus on family values
3. Maintain marketing spending
4. Adjust product portfolios
5. Support distributors
6. Adjust pricing tactics
7. Stress market share
8. Emphasize core values

Marketing Your Way Through A Recession

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