Every time I check out the news on the TV, the radio or the internet someone, somewhere is offering their take on the financial situation, and whether its “green shoots” or “we’re all doomed” these opinions see the country well, pretty much divided.

One thing is for sure the public sector is seeing cuts of up to £2.3bn over the next few years and that’s a sound indication that all is not well.

So, just how does the private sector respond?

In my experience, there’s a distinct line in spending. Some companies are remaining conservative while others are using this opportunity to strategically position themselves while everyone else is looking at internal structures.

It’s fair to say that for many companies marketing is still seen as an “add on” to the organisations’ activity; in fact even Alan Sugar refers to us as “the spending department”.

The smart companies view marketing as drivers of value, who create a framework for success, while identifying customers needs and wants. And a presence in these challenging times is even more important than ever, as customers aren’t spending less, but they are spending differently. They’re certainly more conscious of their choices and more discerning, but they’re also ready to look at rivals and competitors and switch their loyalty. And, if your product or service is positioned clearly and loudly you will be able to steal the lead.

Adapt and innovate is the key. Look carefully at your core proposition and the value you’re delivering. If your offering could be refined and refocused then I suggest you do just that and, at all times, remain confident in front of your customer. Look to integrate your customer experience even further and remain intimate and understanding (digital media is perfect for this, see my blog Generating Results with Email).

Take a close look at your internal processes and check if they’re joined up and ensure that your vision is supported in all facets of the business from finance to sales (not forgetting any distributors). Check out my blog Living the Brand.

Create growth by moving from print to digital media in communications and check out the benefits of viral campaigns. There are also latent opportunities in social marketing, if you take the time to understand customers in their “space”. And, remember it’s easy to offer free advice while building effective, valuable relationships.

One thing I will say is to think very carefully about adjusting your price point. Prices should be structured in a way that suits the customer, but this doesn’t necessarily mean making cuts. And, you should never differentiate purely on price as customers very quickly get used to that percentage discount and don’t react well when the price goes back up again.

Is it a myth that it’s a bad time to launch a new product or service during or just after a recession? The truth is that it’s just as a good a time as any other, in fact Microsoft started up mid-recession.

What is startlingly important is that your product or service must have value, is innovative and captures the imagination but this is true at any time, not just now.

To find out more about how Caroline Law Consulting can help your business
email: hello@carolinelaw.co.uk or call: 07966 540838