More Good News: Grab marketshare in a recession. Among the companies that thrived during the Great Recession according to Investopedia were, — no surprise — Dollar Tree and Walmart. People buy less or substitute cheaper items — and that goes for businesses too.
But how to deal with this if you're NOT a discount brand and never wanted to play that game?
Whether you sell products or services B-to-B, here's a strategy worth considering:
Maintain your current service or product line up AND launch an economy line right now.
I am reminded of the "Magic Mop" sold on TV in the 80's. The manufacturer pushed out that mop relentlessly in TV ads. Hugely successful, the very same company just a few weeks later launched a cheaper version of the product under a different name, under cutting itself and winning more business from those that aspired to purchase the first but could not afford it.
You can do something similar with no need to launch a second brand.Develop an "Express" service line that moves prep work onto the client's desk and reserves the greatest value of what you deliver in a contained time box. Enabling you to a. sign on new clients you will grow overtime and b. maintain your brand's value.
Let's grab this moment to grab marketshare!
Call me for strategies on how you can do it for your company.