L-Shaped Recession Trends and Opportunities
As a business owner, having a grasp on market trends is essential for success. Recently, though, it has felt more like trying to keep a grip on a wriggling snake due to the instability of the last year. The global pandemic hasn’t just been physical — it’s been fiscal, too. The current L-shaped recession has hit everyone – business owners, consumers, families, friends – hard over the last year. Luckily, as our global entrepreneurial partner Business of Brand (BoB) has noted, L-shaped recessions consistently end with a ten year period of economic growth.
CYCLES OF GROWTH
While an L-shaped recession appears to be quite the opposite of a business opportunity, the ten years following are filled with innovation and growth. This means that the bottom flat part of the L is perfect for preparing your brand to meet the new market needs after the recession. We have until September 2021 to rebuild brands that will thrive in the upcoming growth era.
Take this time before the growth period to consider not only what your business is and products are, but WHO is behind it and WHY you do it. Rebuilding with your company’s true purpose at the center will help you gain an edge in your industry as market needs continue to change. This is when you should be discovering your purpose as a business, allowing it to drive your brand choices, and utilizing it to inspire the people brands within your macro brand. These human pieces of your business are going to be the fuel taking you into the next ten years – not sales and profit.
A new era is here, ready to cycle into a period of extreme economic and social growth. Future consumer loyalty comes from the culture you create within your business, starting with your WHY. To pull in conscious customers and leap forward as a company, you need to be spending your time focused on building these elements of your brand. Your business is already full of people ready to let your purpose shine – it’s your job to illuminate their path with purpose.
Learn more about how rebuilding your company’s brand to fit the new purpose-led market can take you to the top of your industry in the upcoming period of growth.