1. Adjust the overall product and brand combination. Different sub-brands often target different groups of people. In the economic downturn, it is especially necessary to increase investment in products and brands in this area and cut investment in higher-level needs.
2. Adjust customer strategy and add customer research and customer relationship maintenance. During the economic downturn, consumers' consumption behavior will change greatly, especially the expenditure on high-end consumer goods will be cut. As a merchant, it is necessary to have certain survey results in order to adjust the marketing strategy in a targeted manner. At the same time, enterprises need to determine whether the current changes in consumer behavior are temporary or long-term.
3. Ensure a certain profit rate by modifying the brand slogan and brand value proposition. During the economic recession, many enterprises are prone to fall into the strange circle of price reduction and discount, thus dragging themselves down. In this case, it is particularly important to formulate a strong brand slogan and value proposition to ensure a certain brand premium during the economic downturn. In this case, it is necessary to have a strong insight into the pain points of consumers, because consumers will adjust their consumption plans and behaviors in order to cope with the bad economic situation.
4. Make product and brand plans for the new economic cycle. The market downturn is the best time to prepare for the next growth period and outbreak period. At this time, the directions that can be considered are, for example, the business of competitors that are slowly declining during the economic downturn, the business that is not favored by competitors during the economic growth period, and the new demand that may be generated or upgraded in the next economic cycle.
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