The Opportunities of a Recession
During these recessionary times, it is easy to cut back on ad spending to save a few bucks. But under-investing your advertising budget during this crisis might be the worst strategy you can have. It is time to look at this recession with a new perspective, as an opportunity to “trim the fat” of your marketing strategies and find out what is really working. When a recession strikes, people’s true colors come bleeding out and it is a better time than ever to get to know your customers.
Historically, marketing innovations during recessions have been proven to lead to increases in market share, brand loyalty and a prime opportunity to reinforcement your core values. Some of the best brands and products have come during recessionary periods: MTV, the iPod, and Crest White Strips are but a few examples. These innovations were labeled “experimental” and most advertisers were late to the party. As an industry, most marketing and advertising gurus have been slow and tentative during times of economic crisis while consumers usage of digital media is beginning outpace marketers significantly.
Instead of under-investing, think of this harsh economic period as a potential golden age for digital marketing innovations. Technology and talent are coming together in ways that we could have never imagined, and it is time to take advantage of it. In a recent study conducted by the Association of National Advertisers, when asked how they would adjust current marketing and media plans to account for the recent downturn in the financial markets, 27% responded that they would spend more money. At a time when all advertising spending is being scrutinized, they will no doubt be under the gun to produce successful methods with digital media that will not only save their budget but stretch it further than ever before.
This week, I am going to look at a few different proven methods in how to stretch your marketing spending in ways that will not only reinforcement the relationship with your customer base, but spread your brand message to computers you never dreamed of reaching. Volacci is here to help you become the business you strive to be. Helping you reach your potential is helping us reach ours, because your profit is our passion.