As the current economic climate is creating financial burdens and eliminating thousands of jobs, many industries have taken a large hit. However, the creative industries are weathering the storm during these tough economic times.
The creative economy is an industry sector in and of itself, which fuels all industries. From healthcare to real estate to finance -- because they all have professionals who are doing marketing and communication, graphic design and Web site development and other creative industry jobs within all industries.
As budgets are cut during this tough economy, businesses are looking to effectively communicate with their consumers without spending a lot of money. If businesses are providing more services electronically to cut printing costs, they use creative industry workers in communications, marketing and graphic design services to efficiently create and deliver their message to a desired audience. The creative industry will help traditional businesses in their cost-saving efforts and will be critical in bolstering the economy to help the economy get through this transitional time.
This recession can create opportunities for local creative industry companies. As companies try to cut costs due to the recession, they are looking for less expensive ways to get creative tasks accomplished. Companies that usually outsource to large, well-known creative firms may discover local talent and businesses that are just as good as - or better - than expensive creative talent in other cities.
In addition, because companies are downsizing, people who provide professional creative services are starting their own businesses because the job market is so tough right now. MSN Careers recently suggested for professionals to look for new opportunities to be successful in a bad economy. Creative professionals that work full-time are also taking on consulting jobs on the side to earn extra cash.
This climate is actually good for small businesses and entrepreneurs, because larger businesses are outsourcing services. It is less expensive than having a person full-time in house, which allows more opportunities for freelancers.
So how can your business thrive during this tough economic time? It is important for businesses to differentiate themselves, says Mark Loschiavo, Executive Director of Laurence A. Baiada Center for Entrepreneurship. Loschiavo suggests businesses to do the following during tough economic times:
1. Make sure your product is a “must have” product.
2. Distinguish it as an “affordable luxury.”
3. Offer a service that is going to ultimately allow consumers to save money during the recession.
4. Differentiate your company and product from the competition.
To learn even more ways for your business to thrive during challenging economic times, join Innovation Philadelphia for Running on Empty: Make a Little Go a Long Way, a panel discussion and networking reception on December 17, 2008, from 5:30 to 7:30 p.m, at the PNC Center (1600 Market Street, Philadelphia, PA) in the Center Hall.
Learn how to make a little go a long way, as experienced entrepreneurs and business owners from a variety of industries discuss strategies and personal experiences on how to survive and thrive during challenging economic times.
The panel will be moderated by Mark Loschiavo, Executive Director of Laurence A. Baiada Center for Entrepreneurship at Drexel University, and President and Founder of First Serve Strategies, a consulting company that provides businesses with business, operational and management strategies.
Panel participants will include:
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Malik Boyd, Managing Partner of Premiere Brand Group , a full-service brand marketing, strategy and communications firm located in Philadelphia.
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Charnelle Hicks, President and CEO of CHPlanning, a premier provider of planning services in support of urban redevelopment.
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Connie Pearson-Bearnard, President and Founder of Seamless Events, Inc., an association and event management company.
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David White, Founder of DesignDesign , a firm that provides creative support to engineering and marketing disciplines.
This event is hosted by Innovation Philadelphia and pre-registration is required to attend. The cost to attend is $25, which includes light appetizers and a cash bar. Register today at www.innovationphiladelphia.com.