GM, Ford and Chrysler would be on that list if not for a government bailout.
Prepare your self for the next 7 months or so depending on how long this so called recession is going to last.
Here are some strategies to stay true to:
- Protect the core of your business. Don’t let any opportunity big or small slip in servicing your current customers. It’s cheaper to keep your current customers than to attract new ones.
- The weak, lazy and lucky hide during tough times. Stay proactive and look for ways to cut expenses that do not hurt service.
- Marketing noise is down. Competition is advertising less. Stay on course with your advertising. It’s cheaper to grow business in these times.
A McGraw Hill Research report says that businesses that maintained or increased advertising during the 1981-82 recession averaged significantly higher sales growth than those that eliminated or decreased advertising. By 1985 companies that were aggressive recession advertisers grew their revenue 2.5 times faster than those that reduced advertising.
If things are bad now wait until you see how bad things will get if you cut advertising.