The Few, The Successful, The Recessionary Marketers
3 comments March 17th, 2008
It’s well-known among advertising and marketing pros - those companies that maintain or, ideally, increase their marketing dollars during a recession will gain market share and a better return on their advertising investment. Today, the market place seems to be holding its breath (particularly after last night’s firesale of Bear Stearns), and there’s a lot of uncertainty and confusion.
During times like these, business owners may be inclined to pull back on marketing because there are employees to pay and inventories to maintain - and marketing can be seen as just an expense on the balance sheet. But that’s a mistake. Here are just three reasons why you should maintain or increase your advertising during a recession:
- You’ll stand out from your competitors who cut back, and probably eat into their marketshare.
- Customers need to know your name now - people still need goods and services, not matter what the economic climate…and they tend to turn to trusted names and brands during a down economy.
- Customers will remember you when the economy picks up again.
But don’t just take my word for it. John A. Quelch, the Lincoln Filene Professor of Business Administration at Harvard Business School, posted this article - Marketing Your Way Through a Recession - a couple of weeks ago. Or take a look at Marketing Lowdown: Ad Spending During a Recession by Robert Grede, best-selling author of Naked Marketing: The Bare Essentials.
