According to an extract by Harvard Business Publishing of a snapshot of Economic Conditions, by McKinsey Global, 69% of a global panel of executives surveyed during the second week of December 2009 said they expected their national economies to be at least moderately better by the end of the first half of 2010. In fact, 24% said that an upturn has already begun.
A majority of executives expect consumer demand for their goods to rise in the near term. Respondents offer relatively positive views of the economy and say they can now make longer-term strategic plans. Just over half of executives continue to say economic conditions are now better than they were in September 2008.
Many people are hurting and according to most experts it is going to take a long time for the employment rate to pick back up. However, just as it took a very long time for people to admit that our economy was not good, things may be better than we think.
In October of 2008 I looked at what was happening in the economy and tried to understand what many people were saying and why they said it. I looked at a history of recessions in the U. S. since the early 1900’s. Today I looked at the economy from the other perspective, focusing on the periods of growth and prosperity; believing that the glass is half full, not half empty.
I found details about the US Gross Domestic Growth Rate (GDP) going back to 1947. A negative GDP for two or more quarters is what defines a recession.
When I look at the chart I see:
- Times have been good much more often than times have been bad
- It looks like the worst is over and we are moving into another growth period
- Perhaps the recent decline would not have hurt so much if growth in 2006 was not so big, I think we thought the good times would go on forever
What about your strategy right now? This is a great time to start cultivating new prospects. Get your name, your products, your solutions in your customers minds so that when they are ready to buy, you will come up on the short list. Think about sending mail.
Should you alter your marketing plan to prepare for the upturn?