Beating the economy with a knock-out marketing plan…
As we all know, crisis holds opportunity. We also know opportunity favors those who are knocking at the door consistently, through marketing and other strategic commitments made by business people whose goal is not to ride it out, but to ramp it up.
Turning my advocacy into action at my own firm has paid off because this recession marketing strategy is proven successful. Studies of past recessions, notably one by McGraw-Hill have revealed companies maintaining or increasing their marketing investments in tough economic times fare better than those who pull in their horns. In a less crowded marketing playing field, they get ahead in the downturn and have more traction when the economy revives.
Almost 50% of US adults believe a lack of advertising by a retail store, bank or auto dealership during a recession indicates the business is likely struggling, according to a study by Ad-ology Research. The results also showed a large majority of consumers think businesses continuing to advertise are competitive and committed to doing business.
CMA President and CEO