Wednesday, January 7, 2009

Crisis spawns new market opportunities

I just had a stimulating lunch with an executive from the food industry. During our discussion I learned how this company developed over the past decades and I was interested to see opportunities for the future. Where the economic crisis greatly impacts previous spending and traditional habits, it also creates new trends and opportunities. Here are some brief thoughts:

  1. How do your customers really view you in toto? What picture do they have of you in their mind’s eye? There are many ways to dive into this research, but a cursory troll of the internet often gives valuable information. Information can be particularly valuable from negative comments.
  2. Does this picture develop longevity in brand loyalty? If so for how long? Will your customers long for the time they…?
  3. While many previous customers may be visiting/buying less, which areas of your potential market are increasing? For example, if people have less money to spend, they may be at home more, yet most are on job hunts, so where are they going and what are they doing?
  4. What can you do to fit your product to “their” need?
  5. How could you offer over and above?

I believe companies who discover answers to these kind of questions, will not only survive the recession, but grow through it and greatly expand after it with a whole new wave of brand loyalty.

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