Reilly Newman | A downturn in a market can be scary. They can also be very scary. The scariest thing about a downturn in a market is that it reveals. It reveals good and bad things in our business and in our brand.
In strong markets when things are humming along, it’s seldom we take the time to look in the preverbal mirror to reflect. To scrutinize and look for flaws in our business model and brand. When a downturn comes, these things quickly rise to the top and stare at us right in the face.
A market downturn can show you just where your business is bleeding. Where your overhead simply doesn’t make sense or where the business has become complacent, bloated, and decayed.
It can do the same to your marketing. To reveal where your brand falls short. It will show you just how much of a connection your brand has really made with your audience… or perhaps the lack of. Although painful, this kind of purification can be rejuvenating in the immediate (and also benefit the long-term) success of your business.
Results of the pandemic have shown not only businesses being more creative and prudent with their businesses, but also industries as a whole having to evolve. Oddly, many businesses are now more excited than ever on where their business is going. Ironically, this came from looking down the barrel of the pandemic and these business owners using their grit and creativity to press onward.
The key is to be aware of this and find feedback loops that are rapidly forming in the downturn market. This feedback is vital for your business and brand making effective and accurate adjustments.
Every cloud has a silver lining. And successful entrepreneurs know how to find that silver lining.
