Recession-Busting Top 10

The various ‘war/s on terror’ of recent times have almost conditioned us to fear - a type of addiction. The dictum, 'be alert but not alarmed' usually meant 'look over your shoulder at all times’. That appetite continues to be satiated by media but now, with a new fixation on the GFC (Global Financial Crisis).

Going against the tide, as I like to do, it's fascinating to analyse the media because it raises the question of how to create antidotes to such things as the GFC. This has been the topic of discussion of clients lately with many themes emerging from the media we analyse. Here is a summary of my broader research and also some of the ideas coming from conferences. These are blended into my top 10 Recession-Busting ideas below:

1. Humour brings relief – good playwrights understand that humour is the best relief to tragedy. Having fun works similarly.

2. Familiarity and safety – the human instinct to retreat and cocoon oneself is foremost in many minds right now. Stay-at-home is the new going out. Be sure to synch that within a context of comfort.

3. Trustworthiness – consumers and the media are now ultra-sensitive to rip-offs or inequities. Note the important role of CSR here.

4. Value focus – expect that consumers will shamelessly price-shop, so be the consumer champion and demonstrate value in your offering. New pricing options can help by giving back a sense of control to the consumer.

5. Rally for the Underdog – perhaps it's our convict heritage but Australians like to support the underdog and media love to use leverage on that concept. Ensure your brand truly respects this and doesn’t create underdogs! (Monitor service and satisfaction closely).

6. Be Genuine – more than doing what you say you will, being genuine also brings in authenticity. And that is also about heritage.

7. Continue CSR activity – when done well, it can tick many of the boxes above and recent US surveys show customer expectations of companies acting responsibly are not much lower in an economic downturn.

8. Use Research & Analysis – to set and refine your approach. A key step is linking your communications to your brand using metrics. Adding diagnostics at each step helps answer the ‘why’ (see more below).

9. The Opiates – analysis of past recessions suggests gambling, alcohol and tobacco benefit from recessions but perhaps this just highlights the human need for escape into a different world that has a few little ‘luxuries’.

10. Thought Leadership – lead and inspire, it is what everyone needs but few provide.

It is no mistake that most of the above are emotional in nature. Skillfully addressing attitudes and emotions is almost always more effective at driving purchase behaviour than rational arguments.

Look forward to any comments.