Thriving During a Recession
Strange as it seems, The Great Depression launched a billion dollar industry. It was during the depths of the depression that the cosmetics industry was born. Cosmetics were an affordable luxury. Entertainment was another industry that thrived. Both industries offered the public something it craved, but these were also industries that chose to market and forge ahead during the most precarious of times. Even during those worst-of-times, money was made and fortunes were built.
Yet what do most companies do when times get tough? They slash their marketing budget. Fear can make fools of the best of us, and taking a fear-based approach to marketing during challenging times, is foolish at best. Everyone agrees that during the best-of-times, maintaining a company’s exposure and brand recognition is vital. And when it comes to marketing or PR, forward momentum is essential. You’re either moving forward or falling behind, when it comes to maintaining your company’s public awareness and brand recognition. Studies have shown it takes four to six months to see the results of a marketing program. So what do you figure happens to businesses that stop or cut back their marketing or PR budget during an economic downturn? You got it.
Actually businesses can reach their target market and increase their market share much more effectively during economic tough times, or (dare I say it?) during a recession. If a company launches an effective marketing campaign or a shrewd, targeted public relations campaign not only will that company thrive as others wither, but they will be ahead of the pack and powerfully positioned to grow and succeed once the economy begins its upswing.
Copyright © Anthony Mora 2008