Business Growth During a Recession
Sep 16th, 2008 by Paul Miser
Holy cow! What a whirlwind on Wall Street. Banking, insurance, and investment are plummeting — gold is up. People are taking their money and running for the hills. The ‘cover your anatomy’ mentality is trickling down to markets nationwide. With the economy in such dismal disarray, you may be asking, “why is the title of this post Business Growth During a Recession?” How could a company grow in this business environment? Easy — attack while your enemy retreats.
I know budgets are getting tighter and your marketing budget may be a past dream, but let’s think about it for a second. Everyone and their mom is pulling money from different business functions, especially marketing and advertising. With everyone running for the hills burying their budget under a rock, the competition is becoming less visible and almost non-existent. So, with no competition if you increase your advertising and marketing then your potential for impact will be exponential. Now is the time for your brand to cut through the non-existent, proverbial clutter.
As we’ve seen time and time again, the companies who communicate during down economies are the ones who come out on top when the economy bounces back.
Benefits for increasing marketing spending during a downturn are huge, including:
· Increased brand awareness
· Increased brand loyalty
· Decreased customer fears
· Communicate company role in economy
· Increased market share
Have you ever wished that the competition would just disappear? Well, basically, that is what’s happening right now. It is important to look at marketing and advertising as an investment and not a cost. By continuing valued relationships during this time and growing them by communicating trust, security, and benefits, we, as marketers, will prevail, not only in the short term, but the long term as well.
Where is your company going to be when the economy bounces back?
