Current Market trends and developments in a credit pressed economy
David Caulfield, BA Components Sales & Marketing Manager, looks at current Market trends and developments in a credit pressed economy.
We are living in extraordinary times and the meltdown of the global economy has had an impact however large or small on us all. It is important not to passively succumb to doubt but to rediscover as a market our determination and belief that we can manage the current situation.
Amid all the uncertainty the core question is simple: are we resilient and strong enough and do we have the long term strategies in place to weather these uncertain times and stay the course? In the current climate our strategic approach must include some essential elements:
Investment; we need to invest in the future by continuing to develop our brands, our products and our people to better cope with the present and be prepared to capitalise on the expansion that will invariably follow the recession.
Efficiency; implementation of a plan to credibly and comprehensively address any inefficient spending or material waste, establishing a service/cost structure and fiscal framework suitable for our businesses and the marketplace.
Competitiveness; It is critical to maintain competitiveness while facing increased competition not only from within our own UK market but from many sides of the globe. Offering choice and quality to allow consumers to customize the look that fits within the needs of both family and budget is the key to long term success and we need to supply our trade partners with the tools to provide this.
While reducing marketing spend in a downturn defends profit in the short term, sustainable marketing investment now will realise a growth of market share and later result in an improvement in profitability to outweigh any short term reduction.
The time is right to offer hard pressed dealers our support with innovative design, products and marketing strategies to grow both their business and our brands.
