Marketing in a recession

Marketing in a recession

I’m not saying this roller-coaster economy is a recession, mind you — although Bernanke now seems willing to consider it a possibility.

Clamping downh on spending?Faced with hard times like these, what does a small business do about its marketing? How do you continue to attract customers and clients now, when it’s most important?

Marketing gurus say, “Keep smiling.” Ad agencies say, “Keep spending.”

Forbes points out that “for some marketers in specific situations, it might actually be good advice to increase their budget during a downturn… Categories for whom bad times spell boom times. Outplacement firms and debt consolidators come immediately to mind. True discounters are also well positioned to prosper.” The article, written by two market strategists, adds:

“If the downturn spurs consumers to become more avid “nesters” who seek more and better entertainment alternatives at home, then categories from consumer electronics to video rentals to popcorn might benefit.”

What’s your plan? What are your strategies for holding on — or prospering — during the current business cycle? Are you cutting your advertising/ marketing spending? Boosting it? Changing strategies? Are you slashing prices? Adding value?

Let the rest of us know in the comments.

Photo by Susan Noble Smith

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