You have an idea, you have a necessary financial backup, you have the right people to work with you, but the recession is already showing its footsteps. Start-ups are struggling to sustain and big industries have already started wrapping up with their number of projects.
However, do you remember? What did we explain in our last article? (link)
It is all about using the opportunity and sustaining it. It is more about ‘keep it moving’
Let us look into the history where recession gave a platform to some iconic brand. These brands changed the way we live.
A] Disney-
In 1929, the great depression for four years was about to start. This was the same time; two Americans thought that America needed more smiles than ever. They had already introduced the world to Mickey Mouse.
In the span of four years, they grew their business so much that as soon as the great depression ended, they introduced their first little feature film, ‘Snow White and the Seven Dwarves’
Those men were,
Walt and Roy Disney.
B] FedEx-
A graduation student got a ‘C’ grade for his project in the university, and he was told that this stuff is not feasible in current economic times.
The project was an about fast, economic, and reliable door – to – door cargo delivery.
FedEx launched at the end of the recession of 1969-1970. Currently, it delivers over 6 million packages a day.
And that student with optimistic ideas was: Fred Smith.
C] Netflix-
This is an example of how to make the most out of a recession.
Before streaming services, Netflix was only into the DVD rental and sales by mail.
A well-known theory in marketing says that People will consume less luxury when their finances are stretched upon. However, this theory does not tell you about what people do even before they understand that their economic condition is worsening. Unknowingly, they use their free time and money over buying and enjoying more luxury. Here won Netflix.
People assumed that the global recession of 2020 will be a nightmare for online streaming services, but surprisingly Netflix added 15.8 million customers in the first quarter of 2020.
People were stuck at home, bored with watching repeat telecasts of daily soaps and the same films went off the way.
This is how online streaming services like Netflix, Amazon Prime, and Disney Hotstar are riding the pandemic.
D] Marriott corporation-
This huge hotel chain started with a nine-seater root beer stand.
In 1927, it became a hotspot for workers in Washington; where they could relax for a while with chilled beer and some food. A very aggressive expansion policy has been the USP of Marriott Corp.
Today, this lion in the hotel industry owns 30 brands including Westin and Sheraton. They have more than 84 hotels in India and are still counting…
Founder- J. Willard Marriott Sr.
E] Hershey’s-
It all started with the candy shop in Philadelphia.
“The help-the other, is the only principle that will succeed in modern business,” said Milton S. Hershey.
Hershey’s supported their country in world war 2 by providing emergency nutrition bars. These bars were almost tasteless. The reason behind it was that soldiers would not feel tempted to eat more Choco (bars) and they should eat it as a snack.
The man behind Hershey’s is Milton S. Hershey.
These are just some names that did not allow the recession to deter them from winning.
This list is not complete without special mention of Goldman Sachs, Burger King, Trader Joe’s, IBM, General Electrical, Chevrolet, CNN, Airbnb, and Uber.