With the pundits, government and people believing that the economy is on an upswing, there are some learning’s that the past year or so has provided.
1) Stay the course – It is extremely relevant to continue on the same course, adopted in the past year such as control of costs, evaluate each project, product before taking a plunge, in short not to get swayed by the hubris of good times.
2) Capitalize on the spurt of business opportunities – The idea is to explore different business opportunities that have come up or grown with things looking better.
3) Capitalize on market place opportunities – The past couple of years have shown a trend that besides the metros, different niches & markets have sprung up, which would only grow in the years and it’s important to capitalize before it becomes to expensive.
4) Focus on consistent awareness – A key area, be consistent in creating awareness of your brand, product, merchandise through the bad & good times.
5) Acknowledge potential increase in consumer’s knowledge & changes in shopping behavior – The past year or two has shown a consumer who is intelligent, gathering knowledge from multiple sources & looking for value and as a brand it is critical that this is kept in mind.
6) Emphasize authenticity, optimism & connection – Piggy back on the optimism wave connecting to your consumers, sharing the authenticity of your brand and value provided to them.
7) Maintain constant and consistent dialog with loyal consumers – These are the people who have carried you through the turbulent times and it is important to keep in touch with them, talk to them continuously and consistently.
8) Focus on developed brands – Do not get gungho about launching a slew of brands, focus on the developed brands for the immediate two quarters before introducing new ones.