How is Your Brand Performing in a Tough Economy

Calgary, Alberta, Centre of Canada's Oil Industry  

Written by Robyn T. Braley

When economies are threatened by political turbulence, international trade uncertainty, natural disasters or the threat of war, it's time to assess the strength of your brand.

Canada has been impacted by challenges in our petroleum industry which drives our national economy. Government, industry and climate change interest groups can't seem to find a compromise that will allow all parties to move forward for the common good.

Many companies will make it through this time. They will adapt, adjust and carefully manage their operations as they find ways to survive.

Others will not be so lucky. A client operating in the petroleum industry manufactured processing equipment valued at $5,000,000 per unit.

When the oil industry collapsed it happened in a hurry. They failed to find new markets for existing products and could not retool to make new products quickly enough. They were forced into receivership.

A client in commercial construction offers new construction and maintenance services for older high-rise buildings. When the economy sucks, their new construction business dives while their maintenance division soars. Owners of large buildings cannot afford to put off maintenance.

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What shape will your business be in by this time next year? Is there risk? Is there reward? 

What steps can you take to make this year the best it can be in spite of economic or political circumstances?

With unpredictable global economies and uncertain political decisions, many leaders lack the confidence needed to make forward-planning decisions. In many situations, they can only operate their companies based on what they know today! Reviewing past performance histories doesn't help because we are in uncharted territories. 

While we all hope for a better tomorrow, we can only control what you can control today.

Don’t get me wrong, we have clients whose businesses are excelling and setting all-time sales records in the midst of difficult times. But we also have clients who are struggling and have even gone out of business. 

I've written about survival strategies before. Whatever your circumstance, it's never a bad idea to review your brand and marketing performance. Is there a different way to look at your situation? 

1. Begin from Where You Are

A mentor of mine shared this simple but profound truth. ‘Begin from where you are!’ It sounds simplistic, but when you think about it, it makes sense. 

Today you KNOW you have a PROBLEM or OPPORTUNITY. You know that you do or don't have the tools needed to address it. It's that simple. 

Can you MOVE forward based on what you know today about your realities as they are right now? 

1. What is the problem or opportunity!
2. What are your strengths?
3. What are your weakness?
4. What do you know for certain?
5. What DON'T you KNOW that you SHOULD?
6. How will you address that?
7. What is your plan?