Source: ITR Economics – August 6, 2024
As we approach the coming depression of the 2030s, there are four key items you need to consider when building a marketing strategy for the next decade.
Just as different industries experience growth at various stages of the business cycle, they will also face the impacts of an economic downturn at different times and to varying extents. Similarly, while some industries are more vulnerable to severe economic declines, individual businesses within those industries will also have varying levels of susceptibility. As you develop your business plans for the years to come, there are four key items you need to consider when building a marketing strategy for the 2030s depression.
Leading up to the economic decline beginning around 2030, these four considerations will not only help you determine which products and services you will need to sell in the coming decade, but how to go about selling them correctly in order to maximize profitability.
- Sales Potential
- Most companies have “good,” “better,” and “best” versions of their key products and services. Even though the benefits of your “best” options may be held in the highest regard, many consumers will gravitate towards the “good” alternatives when on a tighter budget in the 2030s depression. Make sure to do the research on the sales potential of your products.
- Most companies have “good,” “better,” and “best” versions of their key products and services. Even though the benefits of your “best” options may be held in the highest regard, many consumers will gravitate towards the “good” alternatives when on a tighter budget in the 2030s depression. Make sure to do the research on the sales potential of your products.
- Go-to-Market Plan
- When introducing new products in a period of economic decline, do you have a sound strategy in place for rolling out the product? How have you decided on your target audience, marketing plans, and sales strategies before going to market? These steps are essential when developing an effective plan to increase sales.
- When introducing new products in a period of economic decline, do you have a sound strategy in place for rolling out the product? How have you decided on your target audience, marketing plans, and sales strategies before going to market? These steps are essential when developing an effective plan to increase sales.
- Price Positioning
- Setting your prices lower than your competitors can surely draw the attention of potential customers, but this strategy can only go so far.