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.
- 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.
- 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. Make sure your pricing not only remains competitive among your competitors but that your product or service’s advantages justify the price.
- Future of Your Product
- The world moves quickly. As new innovations, technologies, and conveniences enter both our work and personal lives, other products and services become more obsolete. As you look to the future, what is the demand for your product? How might innovative changes to your product or strategy entice new customers?
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15-Year Company Forecast With Financial Resilience Program
With only approximately five years until the start of the depression, there is so much to do to make sure you and your business are ready for the economic decline to come. But there is still time!
With ITR Economics’ Financial Resilience program, you will work closely with ITR Chief Economist Brian Beaulieu. We provide your business with a 15-year company forecast that will help you capitalize on the opportunities leading up to the 2030s depression to best position your business through this period of decline.
Along with providing accurate forecasts, our team of experts can help you develop the best marketing strategy for your business by promoting the right products and services to your customers during an economic depression.
To learn how vulnerable your business is to the 2030s depression so that you can craft the correct marketing strategy going forward, contact us at ITR Economics so we can help put you and your business on the right track to make the most of these next several years heading into the next decade.