What? Invest during a recession? Invest in design? Yes, that’s true. A case has been mentioned before in the post Airline Design instigates Sustainable Competitive Advantage about airline design. It showed how a company invested in design during a recession and came out with a much larger market share afterwards and kept a hold of it. In order to come out on top, you should not just invest in marketing, but invest in Total Consumer Experience (TCE).
When there is a recession, companies tend to cut back on all expenses, especially on anything not related to their core business. This brings about a great opportunity, one in which you can stand out amongst the competition. When you invest in design, or specifically, in a Total Consumer Experience (TCE), then this will bring about a big gap between you – a company that delivers a streamlined, high quality designed aura from branding and communication to retail/interior design into full effect – and the competition, which is cutting back on many expenses.
During the latest recession, research in the UK has shown that more than half of the firms in the survey believe that design:
• helps them keep a competitive edge during an economic downturn
• is more important now than several years ago
• is crucial to the country’s economic performance
This leads to the Total Consumer Experience (TCE) where companies streamline their internal efforts through designing every aspect of the company and delivering the best product/service.