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Resilience

What have you – or a business owner you know – done differently to be more resilient during the recession? Have you tried an innovative approach to how you do business? Developed new partnerships? Made changes to your marketing?

5 Responses

  • Sep 21, 2009

    Brand Marketing Consultant

    My marketing strategy is based on Peter Drucker’s comment: The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself. With documented success, I continued to pitch products that filled exact needs (fair price and value were also considered) and therefore circumvented tough economic conditions.

  • Sep 23, 2009

    Moderator

    Would you say, though, that this strategy can work across the board? Is it not dependent at least partially, on the particular industry involved, current overall demand, changes in technology, etc?

  • Sep 23, 2009

    Brand Marketing Consultant

    This strategy will work across the board. However, many rely more on media hype, perceived demand, sample population surveys or even hard numbers to access need and therefore opportunities. Doing so is limiting. I love the technology industry because they tend to develop around practical needs and can therefore generate high demand. No one really needs a cell phone (for decades we functioned well with landlines), but having a cell phone is practical. The minute you use circumstances: demand, industry, technology to determine strategy, you limit opportunities. Instead of looking at why your strategy won’t work, access options for how it can work! Doing so leads to being more innovative.

  • Nov 18, 2009

    President

    I keep a perspective. Thinking back, I started MyCapital.com back in 2001 after Internet bubble when I left IBM. Now it turns out to be the best choice I ever made in my life - considering I am living a 4-workhour week life, working anywhere in the world with my laptop - glazing at Opera house from harbourside restaurants at Sydney, or Pacific Ocean from Gold Coast hotel suite on 26th floor.

    CEO, www.MyCapital.com

  • Feb 18, 2010

    Principal

    We have actually received more business in this downturn. Our clients look to us for innovative product design to beat out their struggling competitors so they will have a solid lead coming out of the recession. It helps that they have money stowed away and ran their businesses in a smart manner before the recession. I have really noticed an uptick in client referrals through former clients and my network of personal and business contacts.

    www.synthesislabs.com

What do you think?

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