Make The Recession Work For You
Mark Levit, founder and managing partner of Partners & Levit, Inc., a New York advertising agency, discusses how you can make tough economic times work for you.
“As the economic cycle spins, marketers look forward to the economic highs and dread inevitable recessions. When the economy goes sour, how do brands stay alive? During an economic slump, advertising budgets tend to be the first item cut. But history strongly suggests advertising budgets should be increased during a recession.”
Focus on Branding
Brand messages should focus on practical uses of the product and demonstrate how customers are getting high quality for a low price (value).Focus on Customers
During a recession marketers need to focus on current customers, not just new ones.Marketing Focus
During a recessionary period, marketers should focus on the strong points of their brands and align them with their customers’ needs.Photo by ilco.
Kim Avery, Certified Career Coach on February 4th, 2009 8:23 am
The recession is also a good time to focus on gaining market share. Your competitors are cutting back on employees, services, advertising, and some may even go out of business.
While we never wish anyone ill, a slow economy is the perfect time to broaden your visibility and customer base. When the recovery comes, you will be uniquely positioned as the new market leader.
Zachary on February 4th, 2009 4:19 pm
Great article. I’ve been brain storming ways to make this recession work for me since November. Your tips featured in this blog posts are very helpful. I’ve been considering taking it a step further by handling my company meetings through web conferencing and telephone conferencing from http://www.24conference.com. It seems so much easier; it saves me money and energy. I also like the point that you made about focusing on current customers, not just new ones – that’s very important.
Dobo on February 5th, 2009 6:48 am
It’s clear and simple,
Recession is the hard examination for Brand, for Marketing, also for Customers and Managers. I am editor of one of the popular on-line news agency FinGeorgia News. I know that is also recession for brains.
Health Care Solutions on February 5th, 2009 1:09 pm
I agree that in order to make the recession work for you that you need to find out what the new market wants and how to get it to them. The new market wants to save money and they’re also looking to make money. If you’ve found a way to give them both, you’ve found a gold mine.
Jaclyn on February 6th, 2009 10:11 am
I strongly agree with this post especially about marketing and customers. for one…you always’ HAVE to be concious of your customers at all time’s…they are the one’s that keep you open and fed at the end of the day. and marketing…that’s how you get your customer’s. a lot of business’ don’t want to spend a ton of money on marketing…no one like’s to blow money if they can help it, but…marketing is one thing that you can not afford to skimp out on in business.
cassy on February 7th, 2009 9:55 pm
i also agree you must fucos on your marketing strategy and to your customers,coz customers are the one who bring profit to the business,thats the way on how to make a good business,
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