The X-Factor Creativity Thrives in a Recession
During a recession things get tough for everyone – businesses have to make changes if they are to survive it and come out of the other side intact. Consumer’s behaviour also changes quite significantly during a recession as people don’t have as much disposable income as they previously enjoyed. It is quite easy to think, especially with so many businesses closing down during a recession that it is all doom and gloom, but creativity actually thrives during a recession and many businesses do incredibly well.
It can be too easy to assume that a recession means the end for most small and medium sized businesses (and quite a few larger ones) but it can be an ideal time to start new a business, if you are creative enough. Many businesses are now taking advantage of the fact that people have to tighten their belts and online discount shops are thriving right now. Before the recession excessive spending was seen as something to be proud of and was even akin to a status symbol – paying over the odds for items that could be bought cheaper elsewhere. Now however everyone is looking for a better deal on the goods that they regularly buy and smart entrepreneurs have realised that to thrive in a recession they need to follow consumer trends – which during a recession is saving money.
With this in mind the number of businesses that are providing goods and services at greatly reduced prices are doing fantastically. Price comparison sites are being inundated with customers all looking for the cheapest electrical goods, holidays, insurance, groceries – and more. What business owners need to realise is that even though a recession makes people more aware of what they are spending their money on, they will not stop spending altogether. Consumers still need to buy goods and services; the only difference is that during a recession they will actively shop around for the best deal they can find rather than sticking with their regular retailers.
Creativity is always essential in business, but often it is easy to leave it on the sidelines when business is good, with many business owners not wanting to change their ‘winning formula’. Unfortunately it can be exactly this sort of attitude that leaves many businesses struggling when times change. Recessions force everyone in business to think differently and be more creative otherwise it is virtually impossible to stay afloat. Today those business owners that faced the recession head on are the ones that are reaping the benefits, as are the people who were creative and saw the business potential of the recession. Online there are now hundreds of shops which are selling off bankrupt stock from bigger retailers and there is no shame in looking for cheap products. Creativity really does thrive in a recession and anyone who buys products online can see this for themselves with the smart businesses listening to and taking note of consumer spending habits and altering their prices accordingly.
Tags: creativity, CRM, Recession