Now that the country has begun to move forward and resume operations, it’s time for businesses to take active steps toward recharging and reestablishing their place in the field.
Businesses who slash their marketing budgets end up reducing their opportunities to obtain new customers, opening the door to their competition and projecting a lack of corporate stability. What they fail to see is that a recession actually presents opportunity to those who continue to invest in their marketing efforts. Brands who reconfigure and create a marketing plan attuned to the new environment will build recognition and trust with consumers that will gain momentum and spur growth for years to come. Centuries worth of recession research shows that businesses who market in a downturn end up with higher growth rates than those who don’t (Example: In the 81-82 recession, companies that continued to advertise saw a 256% rise in sales over their competition). It is these brands who will gain the advantage. The reward will be a marketing program that far surpasses their silent competitors, scooping up the new leads and prospects that still exist in the marketplace and converting them into new customers.
Check out our free Guide to Recession Marketing that will show you how to update your marketing strategy to take advantage of the peculiar environment an economic recession presents, filled with opportunity for those who are quick to react!