posted by: Mel Campbell / President of Campbell, Harrington & Brear
If you are ready when the next economic recovery starts, your company will be well positioned for years to come. Now’s the time to start planning.
As the experts say, it is impossible to predict when an economy is going to turn around.
Companies have no control over that.
But companies do have control over preparing for the economic upturn. And it is essential that you be ready when the moment is right.
Well-prepared strategic marketing and advertising plans – and production of the items necessary to execute those plans – take time. Shorter timelines are certainly possible, but it typically takes six to nine months to turn initial talks into well-oiled campaigns with products “in the can” ready for launch.
In most cases the prep work doesn’t require big dollars - probably 10% of your normal advertising budget. But it does require a schedule and your commitment to get it done.
The important message here is: Start planning now. In fact, looking at the present positive economic indicators, if you haven’t started by now you are already falling behind the eight ball. Not a good place to be for the next cycle.
So time is of the essence. The market turn is just around the corner – we see encouraging signs in many different industries – and the companies who are ready, completely ready, to promote will reap the rewards for many years to come.
And the rewards will be huge. Companies that can launch their programs as the economy turns on again will achieve greater revenues, garner broader profit margins, build greater brand recognition and, most importantly, capture significant market share.
I may not be telling anybody anything new here, but time and time again I have seen companies hold back and hold back, waiting for the moment when they are assured the tide has turned. It’s human nature. But by then it is too late. If you have a single competitor who has planned ahead and is ready to the pull the trigger before you do, then your company will be relegated to catch-up marketing and, worse, a lower market position.
Here’s some additional wake-up information … a lot has happened over this stagnant fourteen month-plus period. It’s a changed world, with new ways of marketing and advertising, new helpful communication products, new media, new customers … all of which need to be taken into account by your plan.
What’s the big deal if you are late for the next party? At the very least your company will under-perform during the entire cycle. Worst case scenario? Well, let’s not go there. The point is, it doesn’t have to happen.