Keep This Important Marketing Principle in Mind During Economic Volatility

You can tell a lot about an organization by how it responds to a crisis.

Recent years have brought no small amount of economic instability, prompting business leaders to find ways to adapt. But not every response has proven wise. This post will examine these missteps and explore an important marketing principle for your business.

The most important principle

Every organization will react to change a bit differently. When it comes to marketing, there are three broad camps businesses often fall into during a period of economic volatility:

1. Businesses that don’t change anything
2. Businesses that jump to conclusions and make big changes quickly
3. Businesses that keep a very close eye and ear out for how their market is evolving

Which of these describes your business? Hopefully, you recognize that the third camp is the best one to be in.

This is where the most important marketing principle surfaces: Everything is constantly changing, especially now, and it might not matter. Only when you keep this principle in mind can you hope to avoid the missteps of the first two camps and maximize your effectiveness in the third.