Today, the real worth of a business is not money, but customers.
Smart companies will use a recession to outmaneuver their competition, get new customers, gain market share, acquire the best talent, and even buy other companies at steep discounts, so keep an open mind to positive outcomes. Take your business’s distress seriously, but also take time to get out of your head. It is easy to become hyper-focused during a turnaround, causing people to lose sleep, project their own stress onto their staff, lose perspective, and miss new opportunities.
Our lives have changed so rapidly over the past few weeks as a result of COVID-19’s rise to pandemic status. That, we can almost say for sure nothing will ever be the same again. While the world shifts gear and we find ourselves isolated in our homes in an effort to prevent the spread of the virus, many businesses are organizing their own “Coronavirus Task Force’s” as they think about the unsure continuity of their firms and how they can maintain their relationships with their clients and audiences. This is no time to stand still!
Every company needs names for their business, for their products, for their services, for their procedures, and even for their mascots (if they have them)!
Your brand name is the first step in building a strong, memorable brand, and it is worth consideration and effort. After all, a great brand name – or a group of brand names – may be your company’s most valuable assets, and definitely worth the investment.
Foreseeably, producers try to sell their most expensive products first, since they are probably the ones with the highest profit margin, but seldom does the highest price find buyers. In response, manufacturers will create less expensive options, indeed in a different packaging or container for hiding some features and highlighting others.