The 80-20 Rule Delivers Recession Insight

How Do Businesses Plan to Use the Recession?

A few weeks ago, we asked business owners to take a poll regarding how they and their business intend to use the upcoming recession. 80% of respondents said they are not turning to their customers as partners to survive, let alone thrive on the other side of the recession. Inflation may have slowed—at least temporarily. Nevertheless, recession remains top of mind. Not only how long a recession, but also how to manage through a recession.

Poll Results:

said they would spend the recession fine-tuning their organization
0 %
said they would spend the recession just conserving capital
0 %
said they would spend the recession commercializing new innovation
0 %
said they would spend the recession doing something else
0 %

The 20% of respondents preparing to commercialize new innovation during the recession recognize that that only happens when the lab or developers’ sanctum is connected directly to the market. It is part of a customer retention strategy grounded in the knowledge that together, you can add more value to your customer’s customer. Its principles are

Successful innovation drives differentiated growth.

Market need is determined by the market, not the supplier.

Working with your direct customer strengthens both your offering and your relationship.

How does your business plan to use the recession? Do you agree with the poll respondents? Leave a comment below and let us know.

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