Earlier this month, Forbes put out a list of ten things to buy right now (assuming you have the cash) before the economy improves. Deals can be had for most of these items and the deals will probably evaporate later in the year. Here’s the Forbes list:
- A Vacation
- High-Dividend Stocks
- Women’s Clothing
From a marketing standpoint, what items should we be focusing on before the economy improves? Granted, all of these items are dependent on the health of your organization and company budgets. If you are in the right position, here are a few things to think about.
First, advertising deals are available. Those with the budget should lock in avails now. New or renegotiated office space should be on the list since prices are depressed and availability is plentiful. Plus, creating a workspace that reflects your brand, your organization and who you want to be when the economy turns is now within reach.
Technology should also be on the list. Typically, tech leads early in most recoveries and the deals will dissipate quickly. Right now deals can be had plus you have the opportunity to get a leg up on the competition by improving your current processes.
Buy the competition. Oracle snapped up Sun, keeping them from IBM. Oracle will be creating efficiencies at Sun while the economy is improving which should be very helpful to their balance sheet. Why not take a look at buying up the competition? If they are not as healthy, this might be the time to talk.
Go see your customers. Travel is cheap. Why not go now when others are avoiding travel and when the prices are reasonable?
Of all of these, the last one is the most important. Go talk with your clients and see where they are headed and see how you can be part of their growth story. Remember, their recovery is your recovery.