I've decided to start a little series I'm calling I Read It For You, or IRIFY! As my first article under this series, I figured featuring one of my favorite resources for quality data, Gartner, would be a perfect place to start! Plus with the news stressing us all out about the debt ceiling, the impending doom of a recession and so much more, the Gartner report "Raising TSP Relevance in a Recession: The Now, the Near and the Next" was the perfect option! This article provides several recommendations to combat recession and increase relevance in changing market conditions. Here are Gartner's Suggestions to stay Relevant in the Recession with the figures straight from the report!
The entire basis of this report is how your business can plan for the Now, Near, and Next in terms of the recession and your companies goals the figure below is an excellent place to start gaining an understanding of this framework and examples for each phase.
1. Gauge the impact of economic turbulence
Assess the effects of the recession on current customers, opportunities, and competitive positioning. This helps identify potential actions to insulate your business from turbulence.
2. Increase relevance by recognizing market signals:
Stay attuned to real market signals and changes in values and context. Avoid chasing market noise and focus on understanding customer needs and preferences. Don't push towards advertising with the newest TikTok dance trend, when other social media pages or channels customer interaction are active and producing results.
3. Develop action plans based on market position:
Evaluate your relative position and strength in the market. Based on this assessment, develop action plans and strategies to strengthen internal operations and adjust to changes in cash flow, revenue recognition, pricing, and wage increases. Keep your employees and current customers happy first!
4. Execute plans and strategies:
This is self explanatory but implement the action plans and strategies to align with the new economic conditions. Strengthen internal operations, improve messaging and differentiation, and adapt product strategies and launches to meet the evolving customer demands.
5. Monitor changes in the near term:
Actively monitor key customers, industries, and competition for signs of change. Develop scenarios and responses for potential changes that could impact market structures, buyer plans, or commitments.
6. Adjust positioning for the future:
Use turbulence as an opportunity to amplify or adjust your positioning for future growth. Evaluate and test current product plans and messaging against future trends and values. Align your organization with ecosystem partners and go-to-market approaches that align with future market dynamics.
7. Internal operational challenges:
Address internal challenges caused by recession, inflation, supply chain disruptions, skills shortages, and regulation. Take necessary actions to mitigate the impact of these external factors on your operations.
It's important to note that these recommendations are based on the specific insights and analysis provided in the Gartner report by Mark McDonald and John-David Lovelock. For a more comprehensive understanding and implementation of these recommendations, I really want to stress the importance of referring to the original report so you can. Which you can view and download on the Gartner website for free!