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Learning From Recession

In our January 2008 edition of 5MI (No. 11), we suggested how you should prepare for a recession. Now that it’s arrived, what should you do? Clearly there will be a range of tactical short term activities, but you must also plan for the long term.

You may have already identified the information available to support current plans. But what about the information you wish you had? Have you got detailed records and lessons from previous tough times? And what about the next recession? (There will almost certainly be one!) What can you learn from the current situation and store away in your ‘corporate memory’ to enhance your advice in the future?
 
Try and put some time aside to log what happens now and over the next year or so. This approach could steer your company towards a massive steal of market share (or a timely acquisition) that could be worth £millions. Yes, it’s looking far into the future, but you may still be with the company and could benefit from it. On a more pragmatic note, it gives you an opportunity to build a dossier that you can present in a couple of years and that will bring immediate recognition for its far-sightedness!
 
Key areas
There are four areas on which you should focus:
  • The market. What overall changes are taking place in your market that make intuitive sense and could therefore happen again? For example, the current recession hasn’t proved disastrous for the pizza business. Domino’s has reported increases gained from those who are cutting their ‘eating out’ costs.
  • Your competitors. Which companies are investing in marketing and their brand, and which are cutting back? What is the ultimate impact? In 1998, the PIMS consultancy reported that those who invested in marketing may have had reduced short term profits but benefited overall by an increased share in the medium term.
  • Your customers. How have their behaviour and attitudes changed? Has brand loyalty declined? Have new segments emerged?
  • Your company. What action has your company taken and what impact has it had? How quickly did you take these steps? What information was requested, and how much of it was available?
Reviewing the situation
It’s worth re-stating some points from last month’s issue, as these will help you during the current recession. Survival is all about being well prepared and focused on the future. Do you remember these three key points? 
  • Anticipate the needs of both your internal and external customers
  • Help and encourage your bosses and give them new hope
  • Become more proactive in motivating your colleagues and boosting morale
Finally, build towards a position where you can say: “With hindsight, this is what our company should have done, and this is what the Insight team should have provided.”  Capture it, bottle it and present it to those who are attuned to longer term thinking. But above all, keep it safe and available for when the next time comes. And just hope that it doesn’t come too soon!
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