That god-awful racket you hear is the fat lady singing. It’s over. We have finally lost our grip, the one that had kept us from falling into the abyss of a double-dip recession.
It is all but academic at this point. Many, many months from now the NBER will mark the Great Recession Part 2 as having started sometime in August or September of 2011. GDP might be slightly positive this Q4 with a holiday head fake, but it will plummet again in January.
The “told ya so” set will remind you of the drum they’ve been beating for about a year – that the U.S. economy never really recovered from Part 1. But the reality is that most marketers have treated 2010 and 2011 like Happy Days Are Here Again.
And since the NBER won’t certify Recession Redux until later next year, most marketers will once again be behind the curve in drawing up their recession strategies. Just like they were in 2008.
Think now about what you would do if you knew the Double Dip was underway.
If you haven’t used it up already, allocate it today. Before your Head of Finance comes and takes it away in November.
If your company is late in budgeting for next year, make sure to put in a request for 25% more than you need. That way, as the bean counters hack it back 5% here and there all year long, you’ll have close to what you really wanted.
Prioritize high-value customers. ‘Nuff said.
Prioritize upsell and cross-sell to existing customers. And if you’ve been toying around with the idea of bundling in services, now is the time.
If you’ve also been toying with the idea of going to market with a business partner or a new path of distribution, start serious negotiations now.
Avoid tilting your spend toward “cheap” digital and social media. Most of it is “cheap” for good reason.
Don’t wait for the Greek default. Don’t wait for the rise in the unemployment rate. Don’t wait for the 10% S&P plunge.