Big business successes during crisis
Prosper in a crisis is difficult but not impossible. Many companies have, as evidenced by success stories in past recessions.
* Kellogs maintained its marketing budget in the Great Depression of the 30s and its main competitor, Post, did not. Kellogg’s came to dominate the market for 50 years.
* Barclaycard doubled its advertising spending in the recession of the early ’90s, while his competitor’s 50% cut. Barclaycard tripled its brand awareness while Access fell by half.
* Google survived the crash of punto.com in early 2000, and went significantly strengthened through the continuous innovation and a strong investment.
And as also demonstrated in the cases of successful current crisis:
* Hyundai has introduced a new model in the U.S. upper class vehicle in the midst of the crisis. Both prices ($ 13,500) as the Marketing CampaignHave been aggressive ( “Give it back if you lose your job during the next year”). The results were clear:
o Many customers are changing their old BMW, Audi, Lexus or Mercedes for a new Hyundai Genesis
o The market share has risen from 2.1% in 2008 to 3.7% in 2009
o Total sales rose 14% in full crisis (2008 to 2009)
The lesson is clear: use the crisis to:
1. Adapt e innovate
2. Focus on the customer
3. and aggressively promote
Darwin put it well in his theory of evolution: “survival of the fittest not, but the one most adaptable to change.”
Tags: creativity, crisis, innovation, Management, success —