Recession has impacted three things majorly - employees, brands and consumers.
Recession changed the way consumers spend their money. It changed the way consumers shop.
Recession also changed the way brands see themselves. More and more brands are projecting themselves as value brands.
Recession also changed the way employees look at their jobs. Job market has become employers market wherein high salaries are difficult to come by.
I have jot down few characteristics which define recession-era employees, consumers and brands.
Recession-era employees
- No increments required
- Ready to do the job of 2 or may be 3 employees
- If need be, ready to take pay cut
- Job profiles does not make any difference
- Networking, interpersonal skills are in reckoning
- Job security – what the heck it is?
- Working conditions are a myth and hard work is all that counts
Recession-era consumers
- Vice like grip on purses
- Plastic cards are lying unused in some corner
- Learning to live hand to mouth
- Second hand stuff is good but free is best
- NO to any new loans
- Postponing all unnecessary purchases
- Paying EMIs is biggest concern
Recession-era brands
- We sell cheap
- We are cheaper
- We are the cheapest
- We give products free
- ????
by le embrouille blogueur , on July 10, 2009 9:24 PM
We give free .... with cash back ....it is a bad world out there ....great pointers !!
by Adesh Sidhu , on July 10, 2009 10:58 PM
Yeah...cash back...thanks for adding this pointer...
by The Thoughtful Train , on July 11, 2009 2:31 AM
Cool list Adesh. Tough times makes us all tougher ... :-)
by Ramesh , on July 11, 2009 4:58 AM
Nice analysis and very true how recession is impacting different constituencies. In a lighter vein, let me add a fourth group - Company Boards
- Keep the bonuses coming
- Sack everybody in sight except us
- Go to government (in a private jet) and plead for handouts
- Announce a salary of $1 (lost in the fine print - just for day)
- Get as quickly back to business as usual and the merry times.
by Adesh Sidhu , on July 11, 2009 11:45 PM
@ TTT - Tough times makes us smarter as well :-)
@ Ramesh - Lol...nice pointers