Diamonds in the Rough: 6 Opportunities in a Down Economy
The 2008 recession was one of the best things that’s ever happened to me. I know, I know, you can punch me in the mouth later. But if it weren’t for a MAJOR shake up— I’d never have struck out on my own, and I’d never have the business I have today.
Economic downturns can feel catastrophic. Maybe you’re losing accounts, maybe operational costs are soaring, maybe you’re digging deeper into your funds than you’d ever hoped to…
In times like these, it’s important that it’s not all doom and gloom! There are some really unique and awesome opportunities hidden amongst the… well, I’ll just say junk. And these are opportunities that exist not despite the junk, but because of it.
Riding the Wave of a Down Economy
Switch Gears for Success
When the economy takes a dip, flexibility is the name of the game! Nothing shifts trends and changes the way people consume more than a recession. Now is the time to stay curious and pivot where you can.
The manufacturing and biomedical industries are backbone of much our modern world. As we’ve seen with COVID, global challenges are an invaluable time to step up to the plate and be a part of the solution. What better way to prove your worth!
Think Beyond Your Customers
It can be challenging to think beyond your customers. They’re the ones paying your bills, after all! But the people who buy your product or service are only one piece of the puzzle. The way I think of it, those guys aren’t you’re only customers. Because who else has to buy into your business? YOUR TEAM!
Your employees, your vendors— even possible recruits— all have an important relationship with your business and will still have something to offer when business slows down. Take the opportunity to strengthen your bonds with each other!
The Power of Branding: Setting Your Company Apart
A brown bear hibernates for winter, preparing for a busy spring!
Define Your Identity
They say that winter is a time of stillness, when we can hunker down for some deep reflection. Why not look at recessions the same way? In other words, this is a fantastic time to reflect on your company’s vision and invest in your brand identity.
Your brand’s identity is the foundation everything else is built on— it represents the vision you share with your team and your customers, and when the vision is strong, you can act as one team and communicate effectively with customers. When your company knows who it is and what it wants, it can move forward with confidence and certainty, which is exactly what you need when the going gets tough.
Trust and Loyalty
At the end of the day, trust and loyalty are everything— and nothing tests that like a recession! In fact, this is likely the time you’re going to see the work you’ve done relationship building pay off.
How can you make your company even more stable?
It’s basic human psychology— people want consistency. They want to know what they expect. Graphic design can help with this by creating brand consistency across all of your materials, projecting confidence and trustworthiness.
Seize the Competitive Edge
This is an opportunity for you company to prove that it can stand the test of time. If you can thrive (or even just survive) economic hardship, customers are going to notice. You might just come out of this recession as an industry leader!
If that’s what you want, then it’s time to look the part. A strong brand allows you to speak clearly and confidently. You’ll be able to communicate your unique value proposition, and it’ll be a no brainer for customers to choose you!
Investing in Your Brand: A Strategic Move
Brand-building is an investment. Putting resources towards refining your brand is a forward-thinking move that pays dividends in the long run. It's a commitment to the future success of your business, ensuring that it not only survives but THRIVES in any economic climate!
Prosperity and Purposeful Branding
It’s so important to see the opportunities that come to us when the going gets tough, and strategic branding is a powerful tool in times like these. Like a flashlight, a strong brand can help you see the path forward and guide you and your company through the dark.
By defining your brand's identity, building trust, and seizing your competitive edge, you position your company for success, regardless of the economic climate!
