Life After Recession: Will you be prepared when the clouds clear?

March 29, 2010 - PRLog -- For months, all we could do was batten down the hatches and hope while the recession released its stormy fury on the market. Now that signs of better weather are on the horizon, the New England Consulting Group (NECG) warns that it is not time to exhale just yet.

The Financial Services arena caused many of the hardships of this recession, and it is still paying the price. Banks have been, or still are, under pressure to allocate properly, and repay, big government loans. Continued high unemployment and low loan demand have left companies strapped with risky assets and a low infusion of capital from consumers. Credit card companies are struggling with the task of adapting to stiffer regulations and replacing revenue streams curtailed by recent legislation.

And though the worst may be over, unemployment and housing have not yet stabilized. What’s worse, the role of financial services companies in the economic crisis has left consumers wondering whether they can trust this industry again, and has forced them into greater oversight and control over their personal finances.

Although consumers are starting to come out of their spending shells (with some very bad “recessionary spending” habits), confidence in the financial services industry is still staggeringly low. So the question remains… is it safe to go back to the same pre-2008 marketing plans?

Having consulted and managed through multiple previous recessions, the New England Consulting Group’s Financial Services team, based in Westport, CT, believes that companies are mistaken if they hope everything will just go back to normal once the storm has passed. NECG’s Financial Services team invites companies to participate in their latest initiative: a behavioral finance study on re-emerging consumers.

Which segments need to adapt to post-recessionary consumer behavior? And what financial strategies and executions will consumers choose as really recession-proof?

“Understanding consumer behavior is what we do best,” says Gary Stibel, Founder & CEO of the New England Consulting Group and the lead member of the Financial Services practice.

NECG’s latest research, in conjunction with their proprietary IP consumer competencies, reveals that hoping will not be enough to come out on top when the storm clears. Says Stibel, “You cannot believe; you have to know. So the question is: do you believe you will come out on top when the recession is over, or do you know you will?”

As part of this study, the Financial Services practice is making NECG’s 7-11 product available to financial services clients at no cost. NECG guarantees that questions left by 7:00 pm EST are answered by 11:00 am EST the following working day.

NECG is the world’s premier marketing management consulting firm, offering superior strategy and exceptional marketing counsel to clients across most industries both domestically and globally. All partners have 25+ years of successful line management and consulting experience. For a list of NECG partners, clients, and case histories, visit www.necg.net or for more information, contact Michelle Zarrilli, PR Coordinator, at 203-226-9200 x118 or news@necg.net.

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The New England Consulting Group is a growth strategy consulting firm for marketing-driven organizations. Our services include: corporate and business unit strategy, branding, competitive assessment, benchmarking, product development and implementation.