Are you recession proof?

We’re in Day 2 of Fortune Small Business’ Sales and Marketing Summit in New Orleans. We heard from Victor Cheng this morning, who gave great clarity to recession proof business. Companies like FedEx, UPS, Price Mart and Coors were all founded during a recession. They succeeded (to say the least) because they solved a problem for consumers at that time. The key to building a recession proof business is to find a solution to a problem that gets worse during a recession, and to do it in a unique way. This can work nicely alongside what we learned from David Meerman Scott yesterday about social media and viral marketing. Once you have your unique solution to a problem, you will have a great story to tell, so you won’t have to spend thousands of dollars on advertising campaigns. Take a look at your company; is there a better way for you to solve a problem or a struggle for consumers today? Your most profitable area may have changed. Don’t be afraid to reinvent your business in order to offer something of real value to your customers.

(If you’re on Twitter, check out @salesby5 for conference details and live tweeting from the event!)


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