Determine the non-basic necessities that consumers still want and use creativity to provide a competitive substitute.
One important task is to clarify how you distinguish your product or service from the competition’s.
This is the time to work harder on offering superior value relative to your competitors.
For example, in past recessions, as sales of new cars dropped, Auto Repair businesses prospered.
Similarly, when airline travel fell, Southwest and Ryanair both grew their businesses during a recession.
Labels: competitive advantage, creativity in a recession, recession innovation
