17 Aug Business Growth Hack – Lessons Learned From The Great Depression
The vast majority of an educated contemporary populace has developed a fairly vibrant tapestry of what life was like during their Great Depression. Today, the US is sharing the most serious financial Malady since the Great Depression with nations all around the globe. Businesses, organizations and individuals are understandably afraid and have curtailed spending instead of conserving capital. Small business growth and growth was strangled. Entrepreneurs also have hunkered down, fearful of the wickedness of a market which seems to also have no stomach for new products and ideas. In times like these you pay to study the lessons of history.
The Great Depression was gloomy for so many, naturally. People were desperate to make each purchase count, to leverage each dollar spent and obtain maximum value. The result was that a thrilling array of innovative discoveries came into market to fulfill the greater need for economy. The significance of customer marketing was magnified and became a far more crucial tool used by packaged goods producers to woo value conscious customers. Heinz ketchup, Palmolive soap, Campbell soup, Westinghouse appliances, Revlon and Max Factor makeup and Hormel Spam appreciated an explosion of growth made by new sales advertising concepts. Billboards, mass advertisements, coupons and sampling became omnipresent.
Local, regional and federal agencies evolved to help producers in promoting their products in new, exciting manners. Barn advertisements for tobacco products and Burma Shave road signs added needed revenue to hostile farmers and roadside landowners. The Studebaker Motor Company had evolved out of a nineteenth century maker of hand carts and tanks to a struggling auto carriage manufacturer. The Company enjoyed modest success till the Great Depression. Recognizing opportunity, Studebaker went back to its roots as a manufacturer of work conveyances and started to produce their Studebaker paneled work truck. At this, a cost of about $600 work vehicle enabled thousands of laborers, handymen and small contractors to eke out a lively track, building and scratch farming.
Inventors didn’t stop their pursuit of fresh, valuable inventions. They seized the reality they were faced with and targeted practical answers to issues that needed to be addressed during that time. An opportunity to create services or products that offer great utility and excellent price is valued by the customer more than at any moment in latest memory. There’s a rush to basics, store brands, no frills products which perform and are sturdy. The inventor that may address these modern needs will find a willing acceptance out of investors, customers and retailers.