Depression / Recession – there’s a lot of unneccesarily negative talk around those topics, and it’s nice to hear something positive, like this article. A friend said to me recently “A recession refers to the AVERAGE – it doesn’t mean EVERYBODY is doing badly”. I like that thought. It sums up my stance on the market at the moment – there’s still plenty to be done and lots going on. If you’re good at what you do, you’ll always find/make opportunities, no matter what the market’s doing.

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Excellent points, James! We sell newly-manufactured but retro-styled Arcade Tables, the kind where two people can sit to play a range of 48 classic games (Galaga, Space Invaders, Frogger, etc.). When the first interest rate hike hit, there was a sharp decline in enquiries and our conversion was not as good as we had been enjoying. But then, as the news sunk in and consumers became more accustomed to hearing it, the enquiries began to flow in again. We also hear from our buyers that they would rather stay home and have all the fun gadgets and entertain themselves, than go out and spend a fortune on entertainment that lasts just one night. Our product is $3,300 and yet our customers identify and believe in the quality, appreciate the local manufacture and love the prestige that comes with owning something that their peers don’t. There is much to be said for continuing to toot one’s business horn in ‘hard times’ because if no one knows you exist, how can they possibly know that you could bring something of value to their lives?

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If quieter times and slower sales have forced you to tighten your marketing budget, the Kellogg’s example can still be followed by persuing lower cost online marketing options. Perhaps it’s time to explore or re-vist those social networks you have been neglecting, give your website some SEO attention, start a blog, create a Myspace page or a Facebook Group, etc.

Any extra time on your hands could be put to good use developing an innovation strategy to draw invigorated consumers to your business when economy bounces back.

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Very topical conversation on everyone’s lips at the moment! I have heard from many people across the Design & Construct industry that we are in the middle of some very tough times and then I hear from some of the worlds larger players that they are booked up until 2012! I agree with James! Who cares what the others are doing, stay focussed, stay strong and stay ahead of the competition and continue to market yourself as per usual! Nothing last forever and the longer you persist, the easier it gets!

Kinnarps is focused on the design & manufacture of an extensive range of high-end office, education and corporate furniture which is recognised internationally as functional, stylish and sustainable ergonomic products of enduring quality and have been doing so Since 1942….where would we be today if we listened to the market doom and gloom over the past 65 years??

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As always James…thought provoking post. Without sounding too new age or spiritual (although I did spend last Wed night with Deepak Chopra!) I believe a ‘recession’ is very much about energy, and very much about the haves and have nots. In this case – the haves are those who have tremendous resilience, confidence and belief in what they do, and the have nots are those who are not clear on their purpose or pursuits…and therefore, doom and gloom becomes them! I won’t go on about how the average employee and a seemingly large percentage of Sydney Town seem to be the have nots….but there is a lot to be said for the obligation that those have with tremendous resilience, confidence and purpose (the haves) have to the less resilient members of our community to mentor and coach them to understanding that a ‘recession’ is a choice..not a formality!

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Perfectly said James. Being in the online advertising/publishing business, it still amazes me to see business owners rationalise cutting back of their advertising spend during a so called recession.
The “cut back on advertising” mindset is unfortunately perpetuated by the belief that your advertising spend is a business expense that can be cut back during harder times, rather than seeing your spend as an investment that should provide you with a return.
With almost unlimited options to market your business online including PPC, SEO, Affiliate marketing and online Business Directories, tracking and determining your RIO has never been easier.
By tracking your cost per lead you can determine the most cost effective advertising channels you are currently using and then focus all of your ad spend on these higher returning “investments”, especially during harder times.
At the end of the day, if you know that for every $1 you invest in advertising you will return $2, how much would you invest….?

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you’ve gotta’ spend money to make money!

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[...] So, if you are feeling stressed (spitting out beads of sweat, rather than gems of wisdom) just remember that many of the world’s most successful companies hit their stride at the height of recession. Just ask Eric, Bill or even Kellogs! [...]

[...] So, if you are feeling stressed (spitting out beads of sweat, rather than gems of wisdom) just remember that many of the world’s most successful companies hit their stride at the height of recession. Just ask Eric, Bill or even Kellogs! [...]