Recessions can be hard on all business and entrepreneurs. Some companies find it difficult to survive under such financial conditions whereas other companies thrive and achieve success during such economic depressions. Here are five companies that did just that.
During times of the great economic recession when companies were competing in a rat race to survive, companies such as Lego achieved an all-time profitable record of over and excessive of 63 percent. This was primarily achieved by using the principle of global market expansion. Lego made a strategically smart move to expand into the Asian continent and focus on its European sales when the United States was at its worst of the recession.
Often everyone believes that companies survived the recession only because of advance plans of infrastructure. Well, this is not the case in Groupon, as this company was launched right smack dab middle of the economic recession in the year 2008 and had virally spread over to 35 various companies. So how did exactly did the business survive during such harsh times? It is simple. The company offered both business and consumers a means to survive the crisis. Consumers were attracted by the daily deals on how much they could save while the business achieved an inexpensive manner of sourcing new customers and interest.
When other entertainment companies were struggling and scrambling to survive, Netflix stood firm in the recession and boosted their subscribers significantly during that crisis. How did they do it? Netflix was able to offer what no other entertainment company was able to. It provided an alternative to traditional T.V and cable subscriptions by providing similar entertainment for a fraction of the counterpart’s monthly expense. As a result, Netflix’s stock rocketed to 57 percent and recorded over three million subscribers.
While other retail companies were struck hard by the recession, Amazon saw it differently as they tackled it innovatively. Amazon released the Kindle 2 and many other new products which skyrocket holiday sales during such market conditions. Moreover, Amazon has never let consumer service come second to profitability. The company offered and attracted customers with various products for low prices enabling consumer savings. As a result, Amazon’s sales grew by 25 percent.
Till the recession struck, America’s favorite pizza was unfortunately not Dominos. However, the pizza giant did not give in to the circumstances and pushed through to spend over millions of dollars in achieving new pizzas and fresh campaign. Such drastic actions did pay off as the company thrived in a huge success and saw a significant rise in sales and profits of the company.