It’s a fact that confidence in the economy affects how businesses act. The initial response to recent developments may be to be conservative, trim costs, save where possible. One of the obvious casualties is the advertising budget which many view as a cost rather than an investment.
The price of oil is down, nothing we do can influence that, but what has changed? Essentially nothing. Crime, traffic, political bacchanal, etc…still are a fact of life in our islands. The administration has declined to touch the social programmes so the labour market is status quo. People are shelling out up to $1,250 per ticket for all inclusive fetes. It’s life as usual.
Given this scenario, do we as businessmen, batten the hatches and hunker down for ‘better times’ or do we stay the course and aggressively defend our share by striving to deliver better service, superior sales efforts and more effective marketing communications?
What’s your strategy?