Audiences London has been digging around to understand the recession’s potential impact on audiences. We’ll be blogging again soon with a full digest of the current thinking, but in the meantime here are our ten top tips for managing the downturn:
- Stop, look, listen – and PLAN AHEAD
- Maintain open and transparent relationships with all stakeholders – from funders and staff to the local community, audiences and visitors.
- Respond to customers’ perceptions, motivations and behaviours to ensure you’re making the right offer and building loyalty.
- Focus on the quality and value of your offer.
- Don’t stop investing in creativity, work and relationships – look beyond the short-term.
- Be agile and flexible.
- It’s not all doom and gloom – there are opportunties in a recession to build relationships and cement customer and stakeholder loyalty.
- Use insight, research and benchmarks to support decision-making.
- Consider economies of scale – opportunities for collaboration, partnerships and networks
- Stress to your customers that we’re all in this together… take them with you, and don’t look profligate!
And finally, some words of wisdom from PriceWaterhouseCooper’s Managing in a Downturn Report:
Recessions can be viewed as similar to “pit stops” in a grand prix, with those organisations using the time to reassess their position emerging stronger and those that don’t at risk of falling behind.
The report is full of useful information and advice on how to use it – read it here, and stay tuned to the AL blog for more recession-busting tips soon!