As the pandemic showed, market downturns can be unpredictable, but they’re inevitable. The reach, impact and length of downturns can vary, but they have the power to break a company that’s not prepared. To survive a market downturn, whether seasonal or one-time, predicted or unexpected, businesses need to be flexible, agile and innovative. It’s essential both to develop recession-proof products, services and marketing strategies and to be able to spot new opportunities when a downturn strikes.
Even if you start a business in a booming economy, it’s wise to have a plan for pivoting during potential economic slowdowns. Below, nine members of Business Journals Leadership Trust share ways companies can find business opportunities during a market downturn.
3. Look for market gaps related to your strengths.
Know your target customer and their needs, and know your core capabilities and strengths. Look for related gaps in the marketplace and create solutions to fill those gaps. Your ability to be agile and flexible to meet your customers’ needs, especially during market downturns, will make you even more valuable to them. – Aviva Ajmera, SoLVE KC