Skip to main content

In a recession, market smarter – not less

By 3rd February 2009November 24th, 2014Digital Strategy, Penguin Perspective

Understandably there is pressure to cut budgets in a recession, and far greater emphasis on proving that campaigns are working. It’s a good time to review your current marketing plans, and ensure that those budgets are working harder for you.

The main question we’re asking ourselves is this – how can I increase sales when my potential market is shrinking? (Not to mention the budgets that are needed to get the job done). The problem with recession is that it can be perceived as the end of everything, the end of cheap credit, the end of prosperity in property. Just no end of bad news. History begs to differ, and consumers are amazingly resilient. They do bounce back. The way to retain these customers through tough times is to keep them engaged with your brand in a cost effective manner.

Many organisations still treat the website as a standalone channel for marketing, which reduces the effectiveness and potential which it can provide. To ensure that our campaigns are relevant and engaging, we need to add other elements into the mix. Social networking and Digital PR engage with and drive the consumer to products and brands. Get the right message to the right audience. Change is often just around the corner; let’s not forget that industry leaders such as General Electric, Disney, Hewlett Packard and Microsoft all launched their brands during recession times.

Cutting back during a downturn is not a winning strategy, but rather a survival tactic.