Recessions are hard and always will be. Curious to know how Pierpont was able to weather one of the worst recessions in my generation, I sat down with Pierpont’s CEO
Phil Morabito to uncover some of his business strategies during the last recession and his outlook for this year’s market.
Q. How did you keep Pierpont out of harm’s way during the recession?
A. Well, part of surviving a recession is keeping a position of strength. Now that means having a debt-free business, having the right processes in place to collect dues in a timely manner and keeping your sales pipeline filled at all times.
Q. What is the most important thing you learned coming out of the recession?
A. I’ve been through a number of recessions and I’ve learned a lot of things. One thing I want to point out is that recessions are all the same. Companies tend to pull back on their marketing and that’s the biggest mistake they can make. During a recession, every dollar spent on marketing is worth three. With fewer companies putting their brand out there, your company’s brand stands out a lot more. Once the recession is over, your brand will be the first they remember.
Q. What are you expecting for 2011?
A. I expect recovery to be gradual, but business should gain some momentum later in the year.
Q. What advice do you give businesses now that consumers are starting to spend again?
A. I advise them to be aggressive in promoting their brand. Those that are front in center are the ones getting the customers’ dollars.
Q. What do you like most about your Pierpont employees?
A. What I like about Pierpont employees is that they’re committed, passionate, hard working, focused and work great together as a team.
I know the last question had nothing to do with the recession, but with an up-lifting answer like that, it was definitely worth me asking.
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