Concept Marketing Group Inc.

As a Marketing Strategist, Business Owners often ask me for my take on the recession, and how are they supposed to market themselves in times like these. The current economic recessionary cycle is at a critical crossroads. There are signs of recovery with big businesses reacting well to the government stimulus but unemployment is at 9.5%, consumer confidence is low and resulting in a “wait-and-see mentality which is unfortunate for our business world. Research suggests that consumer attitude contributes to as much as 70% of the economic status.

So what do we do? How do we weather this storm? The problem is that for all the data we are bombarded with on the subject, there are few resources that humanize the info to give us something that we can use. I enjoy the metaphor of early man during the onset of an ice age. In this, the caveman is the business owner and the ice age is our current recession.

Our caveman couldn’t just run and hide under a rock. He needed proper shelter and a way to sustain himself. Here are lessons on marketing during a recession from a caveman.

A lot of the basics are the same:

• Find shelter in a habitable space

It is good practice to survey your customer’s changing behaviors, so that you can capitalize on arising trends and opportunities. During a down economy price sensitivity generally goes up, which means that your customer is likely taking longer to make a purchase and trying to negotiate the pricing. Whether through testing promotional pricing or other discounts, finding a price-point that works can help you club the beast.

Use your time wisely.

Hunt often.

Use strong groups to take down a Mammoth.