A Down Economy Provides Opportunity to Gain Market Share
Wednesday, June 10th, 2009By now, we are all tired of hearing it – stock market woes, the government bailing out banks, car manufacturers, airlines, and limited lending capabilities. Understand that for most of us there will be no handouts, what is the small to midsize business to do? The answer, for the most part, may sound counter-intuitive.
In 2001, the majority of my clients were in the marine industry; boat manufacturers and the like. Most of their products would be considered luxury items, or at best discretionary income items. When the market suffered after 9/11, most of my clients were facing a hard truth. Luxury items were falling by the wayside and sales and profits were falling dramatically. People were scared with their money, and were “waiting to see what the market would do.” My boss, and mentor at the time, met individually with most of our clients, and repeated the same mantra over and over: “This is the time to gain market share, to establish a position of strength.” After getting many raised eyebrows and few chuckles, he would go on to explain. There is no easier time to gain market share than when everyone is contracting their marketing efforts. The market will balance out again, people will spend again, and those that have made the effort to stay in front of the marketplace will stand to gain the most growth.










