Use the market decline to win.
This market downturn is a get-real moment for us all. But rather than panic, it’s a time to take stock—and then take strategic action. Here are 3 key insights on what’s happening and how to make it work for your business and brand.
1. Cash is now expensive. Creativity is the currency of choice.
Companies no longer have access to cheap capital to fund mega growth—and we’re not seeing more monetary stimulus on the way to help weather the market downturn.
Cash is a constraint. So smart players are rethinking what they COULD be in the business of.
With some companies burning cash and burning out—there’s new opportunity for others (you!) to step in and up or sideways.
2. Pivoting is important. But priorities are everything.
The order in which companies approach change is often the difference between success and failure—and small-to-medium companies are struggling with when to do what.
Leaders looking for immediate sales are rightly focused on converting customers who already know their brand and are ready to buy today.
Those going after new markets are building brand awareness and resonance to cultivate future demand (and know this doesn’t happen through more social media marketing).
The best are doing both (just not in the same campaigns.)
3. The need for strategy is huge.
Especially the ability to connect dots between categories (see point #1) and with consumers who are facing a massive increase in the cost of living and with less money to buy, are pulling back and rethinking their choices.
What others would you add?