I’ve been fortunate to have surrounded myself with smart people. One of my colleagues offered this wise advice recently. I apologize, because I’m probably not doing her justice by butchering her words.
In a nutshell, here’s the premise. There are two ways to perceive this economy. You can see it as a crisis, or you can choose to see it with urgency. When people are operating in crisis mode, they become paralyzed with fear. However, when they are operating with urgency, they are productive and move toward their goals. If you choose to believe the media, and operate as if we’re in a crisis, you may wind up rolling up into a tight little ball to protect yourself from the impending doom and gloom. However, once the storm clears, and you unroll from your protective ball, you might find that your competition has out-witted you and has been planning, and acting while you were hiding.
Studies have shown that the most successful businesses are the ones that are hiring in these slow times. They’re out there picking up the best talent and they’re using those people to gain momentum. Furthermore, those businesses that are continuing their marketing or are even increasing their marketing are more likely to emerge as the leaders in their field. Those who choose to cut back on their marketing, will likely go under, further emboldening the companies who are still investing in marketing. Rather than viewing marketing as an expense, it should be seen as a valuable tool that more than pays for itself and brings in more sales.
Keep your head up and resist the temptation to become a hedgehog. Fight. Stay on the offense and you’ll be fine.