Late 2008 economic changes that will shape 2009
Talking with numerous friends and family around the world, from the United States to Europe and from Asia to Africa, there is one thing everyone agrees upon. Economic changes we’re facing right now in the late phases of 2008 will lay the foundation for strong growth in 2009. Forget mention of bailouts, down-sizing and bankruptcies. What we’re facing right now is a hard lesson in economic consequence, with a strong course correction paving the way for the future. How will this impact advertising?
Advertising dollars will be trimmed to meet decreased consumer spending and uncertainty. Lower advertising budgets translate well to due diligence in contracts, finer attention to detail through conversion testing, and an overall higher dedication to customer service. Larger companies will likely start, if they haven’t already, right-sizing workforces in favor of contractual piecemeal, giving way to entrepreneurial consultants and outside specialists.
Entrepreneurs! Invest your time now in finding niche pockets in your city and/or state. Being self-sufficient in economic times such as these requires character and planning that is not dissimilar to the requirements business has for incremental growth despite staunch competition.
Having trouble finding work after a layoff? You’re not alone, but rather than rely on luck through resume submissions online, why not focus attention on starting your own business? Government programs and tax savings are abundant during slower economic periods.
Signs of Change
Despite what many have said about this being a long and complex road to recovery, steps are being made to correct mistakes that have gone years without opposition. Americans have the most to be optimistic about, since the United States finally came out in unison to support President-Elect Barack Obama to succeed George W Bush. It’s almost as if uncertainty in leadership and fear mongering in economic outlook acted as a catalyst in this recession. In January, the presidential leadership questions should start to be answered: certainly something to look forward to after nearly a decade of negligence in the White House?
Technology is changing too! Look at how business has changed over the course of the last two decades. We’re no longer talking about Globalization, but a Global Economy. The world is no longer a collection of isolated islands, but now a living and breathing fabric of high-speed communication and commercial trade. Older and let’s face it, predominantly unsuccessful businesses mismanaged for decades are slowly crumbling or quickly changing to adopt newer, greener, more streamlined practices.
Significant change is evident in every large business.
Not 10 years ago, Apple used to be a computer manufacturer, now they are a media company. Microsoft used to only sell software, now they have their hands in advertising, software as a service, operating systems, the music industry, the entertainment industry, and even the automotive industry. Google started as a search engine, now they are the single biggest advertising company in the world. Successful companies don’t wither away and die, they innovate and evolve. Those that fail leave tales to tell, generating fertile room for sprouting new businesses.
Digital is no longer the future, it’s the here and now. Even the smallest of countries in the world are connected to the global economy through the internet. Trends are no longer isolated, but spread worldwide like wildfire. Adopting digital facilitation is no longer a luxury, but a requirement for long-term success. Perhaps budgets will dwindle, but those with the skill to turn lean budgets into a recipe for success with thrive quickly and immediately.
Are you ready for change?
