The Luxurious Side of Recession

We agree with long-time leaders in luxury branding, like Burberry CEO, Angela Ahrendts, it’s important to follow tried and true tenets of business during economic downturns. First, don’t skimp on anything that touches the customer. Streamlining should be done in the back office only. Second, don’t cut back on marketing, in fact this is the time to pore it on. Find ways to add value to the product or service you’re offering that don’t add cost, such as more personalized service and more valuable employee/client contact. Find the downside opportunities. For example, it’s in a recession that some of the best deals can be made. Printing costs are lower, so it’s a great time to go against the trend and add some physical print items back into the mix to differentiate yourself. Focus on business diversity. In the case of Burberry they are dual gender, multi-category, multi-generational. This is not the time to limit yourself.
~ Karen Dacus