July 23, 2024

Surviving the 2020 recession/depression

Good Morning,  
While reading and watching the news one cannot help but be a little depressed. But as everyone has said we will get through it. Lately I have been reading about what shape our economy will be in after we reopen the country. Most economists think we will be in a recession as bad or worse than the 2009 recession or on par with the great depression of the 1930’s!
A large number of businesses will not make it through reopening much less the coming economic aftermath. But I’ve been reading a number of reports and articles on successful advertising/marketing during the 1930’s. Some of the articles compared marketing in the 30’s with marketing during the recessions of 1973 and 2009 and how they were very similar in their messaging.
Smart companies that not only survived but prospered during the 1930’s and beyond did not do what most other companies did. The companies that prospered were aggressive in their marketing when their rivals cut back. They continued to advertise. They didn’t wait for public demand for their products to rise; they created that demand even during the most difficult times.
Common points included explaining value, durability, reliability and quality in their message. Also what made the company and its product and/or services unique (remember Unique Selling Proposition). People want to make sure that what money they do have is well spent.
Now is the time for you to position your business for recovery. You should also prepare now for a possible long-term shift in consumers’ values and attitudes somewhat similar to that of people who made it through the great depression like your grandparents or great- grandparents.  
What to know more? Let me know.
Till next week, stay healthy,

Great Things Happen, But You Have To Take Action NOW!

Philip Freedman

Your Doctor of Customer Acquisition, Retention and Enhancement
P.S. Business is slow for everyone! Bring in business with my FREE checklist, “7 Proven, Powerful Ways To Increase Income.”  Click Here  or go to www.7proven.com