USA Today business columnist Gladys Edmunds had an interesting column this week about the things companies do to stay afloat in a turbulent economy.
In response to a question about where to slash costs, Edmunds writes, “I can’t tell you where to cut your budget. However, public relations, marketing and advertising are the things that keep you and your business in the public view.”
Many of the world’s strongest brands and best-selling products got their start during tough economic times. The strategy is actually quite simple — when your competitors duck for cover, it’s pretty easy to stand out and get noticed in your marketplace. Google, Ocean Spray and Disney were launched during recessions, and the list goes on.
If this subject interests you, Andrew Razeghi of the Kellogg School of Management at Northwestern University wrote a fascinating paper a few months ago called “Innovation Through Recession: When the Going Gets Tough, the Tough Innovate.” Smart companies know that, in spite of the latest headlines, opportunities still abound.
