Good Marketing in a Bad Economy

You're sick of hearing it, but here it is one last time - It's very important to continue advertising, even when the economy is bad. Especially when the economy is bad.

And here is someone else who agrees - David Warschawski, in an opinion piece from the August 25 edition of Mediaweek. He says:

Just as any wise investor knows that the best opportunities are found in down markets, the savvy marketing executive knows that this is the perfect time to proactively market their product or service.

Recessions are periods of opportunity that can be taken advantage of or can take advantage of you. Make certain you know how to capitalize on the great marketing opportunities provided by a recessionary period.

OK. I lied. I just really can't emphasize this point enough - It's very important to continue advertising, even when the economy is bad. Especially when the economy is bad.

Here are two more links to fascinating case studies and facts/statistics on advertising during tough financial times:

Investing In A Bad Economy (Chuck McKay) - From 2005 but definitely still relevant. Excerpt:

During the recessionary period 1989-1991 Kraft salad dressings, Jiff peanut butter, Bud Lite, Coors Lite, Pizza Hut, and Taco bell were in the aggressive group which increased advertising expenditures. Jell-O, Crisco, Hellman´s, Green Giant, McDonalds, and Doritos cut back on advertising during this period. Predictably the first group had showed growth during the recession ranging from 15% to 70%. The second group´s sales dropped 26% to 64%

How a Bad Economy Can Be a Good Opportunity (Clff Freeman & Partners) - Excellent case studies and focus on importance of sound business model to truly use ad dollars wisely. Excerpt:

By one measure, 70% of companies are not fully prepared for an economic slowdown. Moreover, a survey of 100 US senior executives showed that only a handful of business leaders see an economic downturn as an opportunity that can be turned into a long-term competitive advantage.

Don't be fooled - despite the bad economy people are still going to have to spend their money. Make sure they spend it with you.