How to design in a bear market
Getting smarter in quicker in a cycle of downturn
Designers and researchers are struggling during this economic downswing. Either you overwork with mountains of goals to deliver to your stakeholders or spend endless hours filling out applications.
Here are five tips on how to design in a bear market.
Be frugal with the road map.
As designers, we tend to want to work on the most enticing projects or focus on the tiny details that could make an app go from good to great. During bear markets, every second counts. You must be merciful in cutting all "nice to have" projects.
When scoping projects, these are some north stars to help guide you.
Engagement
Will the project unlock new ways to engage with the product?
Does it allow users to complete tasks more effectively or efficiently?
Funnel Optimizing
Does this project keep more users within the funnel?
Can this project increase conversion?
Meaningful
Does this unlock new potential markets?
Can it help the team do their job more effectively?
Ditch the housekeeping
When organizational growth stagnates or drops, housekeeping tasks are a waste of time.
Do this instead! Become more efficient and try to eliminate unnecessary steps in the product process. Can you eliminate a meeting? Can you skip a step in design execution? You can also empower your team to become more autonomous to save on consensus-making time.
Invest in targeted research
I know most product builders say ship ship ship; however, when you’re pressed for resources, you have to be more strategic. Small research studies can unlock potential sources of revenue or provide much-needed insight on how to improve your product.
Try:
Usability Testing your product funnels end-to-end
A qualitative study on new potential markets
Interviewing your least engaged user segments
Freelance designers looking for their next role are in an employer's market. It is important now more than ever to foster relationships and leverage your UX expertise.
Be Seen!
Like any high-performing acquisition funnel, impressions are crucial to the conversion pipeline. Applications are a great way to get eyeballs on your work, but it's not the only way.
A bear market is a great chance to get creative and spend time on the things that light you up.
Try:
Starting a Newsletter
Creating Reels of your projects
Designing an art series
Be an expert in their problem space
You can narrow your search to a specific industry to stand out in a stack full of hundreds of portfolios and resumes. In your resume, highlight achievements that correlate directly to a common pain point in the industry you desire to work in. The first project in your portfolio should demonstrate how you have succeeded in the industry you have targeted.
Jack of all trades is a dime a dozen. Employers will favor specialists.
I hope these tips help you endure the bear market.