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Recession - A Time To Demonstrate Real Insight

A fundamental element of the transformation of analysis and research teams into insight teams involves the shift from being reactive to being proactive. The prospect of a recession is an ideal time to find out which teams have really made that transition!
 
In the ‘old days’, researchers and analysts were seen as costs – and therefore a fair target for cuts in the event of a recession. However, a recession is precisely the time when a company actually needs its sharpest understanding of how the market is changing. It must be aware of the most effective way of responding to the market conditions. So, isn’t a recession also the time when an Insight team can give a powerful demonstration of its value?
 
If there is now a real chance of an economic downturn – as claimed by many industry pundits - you should therefore be at your most proactive. Don’t wait for it to arrive before trying to work out what you need to do. Here are just a few thoughts about where you might start:
 
Assessments:
  • What happened in your industry during previous recessions?
  • What happened in your company during previous recessions?
  • What happens to consumer behaviour in general during recessions?
Aims:
  • A faster reaction to the likely impact of a recession
  • A better performance than your competitors if recession strikes
  • A recognition that in a recession, the value that an insight team can deliver is just as great, if not greater, than when times are good
Actions:
  • Establish specific, fast-acting monitors of ‘recessionary behaviour’
  • Analyse database evidence to identify which customers are most likely to be affected by a recession
  • Develop plans to address the most likely scenarios
So when other parts of the business may be facing cuts, you can build a powerful argument for preserving the entire insight team. After the recession, if you have enhanced your reputation, it will give you an ideal springboard for taking your Insight team on to ever greater things!
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