Recession can also be looked upon as an environment, in which industries have stopped causing enough value addition to its client base.
Recession is, where the value of your services go down drastically and the premium that you were once expecting, same products and services are now being sold at discount and at some level, are not even being sold at discount, they have become of very less utility in the current environment.
Maybe recession is a function of an industry not having been innovating rapidly enough and the customers have now not been finding enough value for money or as critical.
Client Centric Innovation, moving 1 curve ahead of the industry is what would allow the company to be able to serve the customers in their tough times, and thus avoid the tough times for oneself.
Most of the times, customers do not stop needing things, they just need the same things in a little different way:
1. Special Rates 2. Special Packages 3. Special Combos 4. Special Product range 5. Economy product range 6. Products / Services which the customers would be interested to buy even now by the virtue of effective cost of ownership and cost of usage.
e.g. Low cost housing in the Construction Industry, High fuel efficient cars at the same price points as the low mileage cars
THE NEW CLIENTS:
Innovation is also required for making your products available to the customer bases that you have not been targeting initially.
Some new applications, some modifications, some new paradigms can create a once in a blue moon idea, which will alter the future of the company.
All the brains in the company need to be tapped for such innovations or possibilities exploration.
Top Management involvement and commitment is critical for developing such a culture, where people are not operating from the recession of ideas.
May be recession of ideas lead to recession of possibilities lead to recession in the markets.
And a new wave of ideas is going to create a new wave of possibilities and a set of new opportunities in the market.