YoungEntrepreneur:
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.