A Recession Unlike Others Compared with previous recessions, the U.S. federal budget has deteriorated far more rapidly. Partly due to the first economic stimulus and bank bailouts. The current stimulus implies an even larger and more prolonged deficit in the future. Source: www.cfr.org
Economic Instability For the whole of 2009, consumer spending fell 0.4% - its biggest drop since 1938. High unemployment and fears of a v-shaped recovery are curbing spending. Consumer confidence is rebounding … slowly. Source: Conference Board
How Will It Affect You? More companies will be fighting over a smaller piece of the North American economic pie Reduced spending by heavily in-debt consumers will lead to a reduction in spending power and less conspicuous consumption Government spending will be inconsistent and inadequate Higher returns on investment
Business as unusual Urbany Real-Time Reviews Luxury Mass Mingling Ten Trends For 2010 Eco-Easy Tracking & Alerting Embedded Generosity Profile Myning Maturalism Source: www.trendwatching.com
Going International, Yes or No? Do you have the resources in place? Which countries should I concentrate on? Who are my target customers? What strategy should I follow?
What You Can Start Doing Government grants and loans for international market expansion Agent recruitment - finding new distribution channels International market studies and marketing research Market study - How big is your target market?
SME’s Emphasis on Innovation According to a poll taken in January of Canadian small businesses : 55% of small business owners say the recession has forced them to accelerate their efforts to innovate 87% found innovation important to attract new customers 80% found it very important to improving products or services Source: Angus Reid
New Product Development Realities For each 65 ideas generated: 7 will be considered seriously 4 will reach development stage 1 idea will succeed!
Best Practices For Innovation New product development conferences (brainstorming ) Customer need identification (surveys, focus groups) Stage-gate process product development (establishing process) Metrics evaluation & tracking - SMART goals (execution)
Thank You For Your Time If you're seeking a fresh approach to your marketing and need a professional that will exceed your objectives, don't hesitate to contact me , Bruce Kirby at: [email_address] 450-699-4600 514-452-4600