If I ask you what is your weirdest fear, what will your answer be? Well, I’m sure if you are a businessman and have totally inclined yourself to marketing, you would probably say ‘recession’. Did this word give many of you goosebumps? It’s like dicing with death, isn’t it? You may have hid your face in your blanket. But then, let us just be open about this fear that dwells deep within all of us. So are you ready to give in your views and contribute effectively in this discussion? Alright, so here we start!

Before we discuss anything about recession, let us first understand what it actually is. I know many of you are well aware of it, so you may probably skip this part but for those who want to get deeper and cut through the darkness of recession, read on.

Recession is basically a temporary period which brings with it an economic decline and what does it result in? Well, it drowns all the industrial and trade activities and may even bring huge losses to the companies. But are there any ways to swim through this recession? For sure there are! Just read on and find yourself swimming through this flood of recession.

1. WHY PANIC?

What is the first thing that you do when light goes off? Or probably when you are stuck in a lift? Panic? Does that do you any good? Of course not! Similarly, first of all one should not panic. We generally have this preconceived notion that recession brings with itself decline in sales. But that may not be the case. Infact, it has been observed that the sales of packaged goods increases during the days of recession. And yes, I know you have this bee in your bonnet that whenever recession bites, customer spending falls drastically but let me tell you that it hardly falls. It’s just that it rises slowly and so does not keep pace with inflation! Did that save you from a panic attack? Well, there’s more to add, read on!

 2. CUT DOWN ON WHAT IS RIGHT

Whenever recession bites, we tend to cut down costs hastily. Little do we realize what impact can this bring.  So what you need to do here? You need to plan and carve out a strategy as to what all costs need to be cut at the moment. Cutting down on costs and compromising on the quality will not heap any good. Rather, studies have shown that cutting down administrative and manufacturing cost can be a good helping hand in pushing you out of the recession well. So, cut down costs wisely.

  3. RECESSION: AN OPPORTUNITY?

I’m sure this question would have put a big question mark in your mind already, right? But did we ever look at what recession has in store for us? We can either decide to cut down the marketing costs, which forms a major part of our budget or what we can actually allow our business to bloom. Are you thinking that it is just a figment of my imagination? Well then get ready to toy with the idea of recession! Studies have shown that recession can be a marvelous opportunity to deal with our competitors with a killer blow! While they are busy cutting down their marketing costs, the falling media prices coupled with increasing in ROI from advertisements and of course, not to forget the weak competition can give a boost to our business and set it on the crest of a wave!

    4. AIM AT EMOTIONS

You might feel that giving out huge discounts could be the best way to survive in a recession period. But do you know that these discounts would often fetch you short term happiness and customers. Even during the time of crises such as recession, people tend to focus on emotional engagement that the brand can bring in rather than the short term discounts. Use this period to connect with your customers, build a strong emotional bond with them so that they remain your true friends and never leave you like fair-weather, short term friends.

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