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With a potential recession on the horizon, I’ve been reflecting on some of the things I’ve learned from being a business owner in past recessions. EMI celebrated its 23rd year in business this year, meaning we’ve seen market research through the dot-com bubble and the housing crisis of 2008. As with any change in economic climate, buying preferences change. Insights will be just as important now as they were during the pandemic. So, here are three things I’ve learned from past recessions as a business owner.
1. Avoid the News (to an extent)
If I would’ve watched all the news in 2008 and seen all the doom and gloom, I wouldn’t have been able to stay the course. It’s been proven that over time, those that invest during this time do better than those who don’t. As cheesy as it sounds, it’s crucial to keep your eyes on the horizon and think long term. Don’t get too caught up in the negativity of the news.
2. Ask your Customers Where their Needs Are
This could potentially mean having longer conversations with your customers around adding value in ways that you’ve never talked about before and can be super valuable. Simply having conversations about creative innovations is worthwhile. You may come up with something you’ve never thought of whether it be a tagline or a business channel that was never previously discussed. I find solutions like this often come up in my conversations.
3. Take the Time to Dig Deep, Differentiate, and Segment Customers
There are some businesses that are recession proof, and they need more research. Some of them will never suffer in this time, in fact they’ll grow. But you have to recognize that the businesses are going to come back and concentrating on the ones that want your help is the best thing you can be doing for everyone. For market research, our insights will be more valuable now than ever.
The prospect of a recession on the horizon can be incredibly daunting. I never want to minimize the struggles of businesses in these times, but staying optimistic, listening to your clients, and digging deep into your expertise can help you stay the course and even overcome it.
