According to Harvard Business Publishing, findings from McKinsey Consulting shows, “During economic downturns, U.S. consumers spent less on amenities such as restaurant meals, personal-care products and services, apparel, and entertainment." Studies also show that consumers did spend more on groceries and reading materials -- both of which substituted for more expensive options -- as well as on less discretionary items such as insurance and health care. Spending on education showed the biggest increase.”   

Do you know the volatility of your industry? What does this mean when trying to build your brand at a time when everyone is cinching their wallets? There are a few critical areas to focus your business.  Those are:

1. Remember your long-term vision - no matter what. Research trends, review best practices, and know your options in delivering the best to consumers.
2. Have a strategy session - There has never been a more critical time than now to engage your stakeholders.  If you do not have a clear picture of your vision, this is a good time to develop one. Make sure to consider not only the current economic landscape but also the future state of your industry (you can find a lot of information on local, state, and national government Web sites).
3. Make sure that you continue to spend on marketing and advertising - Even if you are using a smaller budget or guerrilla tactics, consider taking a more educational approach rather than using high pressure sales. Now is not the time to disenfranchise your target audience.
4. Consider downsizing areas that have a huge impact rather than staff - such as energy and waste, access high costs such as cell phone bills for usage trends and make sure that you utilize the staff you have so that you do not have to downsize.
5. Should you have to downsize, considering outsourcing - outsourcing can deliver significant savings because of reduced management costs; however, make sure to outsource wisely.
6. Building a brand starts from the inside out - you can still work your plans and create brand presence by utilizing critical branding, advertising, marketing, and/or PR techniques. You can find more tips and tricks throughout this Web site. Make sure to register for regular updates.