The last brand standing.
The idea of an approaching recession sparks concern and fear in all of us. Amidst these feelings, it’s important to focus on ways to prepare and not only survive but thrive during the inevitable economic downturn. Ultimately, the fate of your business depends on your brand. So, we recommend starting there. And we’re ready to help you do just that.
Recession times are tough for everyone. But those who prepare in advance and can maintain their marketing budget often come out stronger. Why? Because they can take advantage of one of the few potentially positive effects of the recession—a less crowded marketplace. Competition drops when most businesses look to cut their ad budget to get through. That’s why you need to do the opposite.
With less competition, marketing becomes more affordable, and reach increases as there is less noise to cut through. And the investment you make will have a positive, long-lasting effect on your company's future. Take Kellogg’s cereal for example. After increasing their advertising budget during the Great Depression, they were able to grow their profits by 30% and rise above their competitors.1
Along with increasing advertising, releasing new products can be especially successful in a less crowded marketplace. It’s the perfect time to bring your new project ideas to life. With less competitors and more time to dedicate to your vision for these projects, a product launch is a smart move that’s proved to be successful in previous periods of economic downturn. During the Great Recession in 2009, Amazon increased its sales by 28% after releasing new Kindle products among others.1
It's time to learn from the past and prepare for the future. So that you can take advantage of a less crowded marketplace. The team at Big is ready to help you get started. Reach out and set up a meeting today.
1Forbes, “When A Recession Comes, Don't Stop Advertising.” https://www.forbes.com/sites/bradadgate/2019/09/05/when-a-recession-comes-dont-stop-advertising/?sh=6d7417a14608
Forbes, “Why You Need To Market More In A Recession.” https://www.forbes.com/sites/forbescoachescouncil/2020/07/20/why-you-need-to-market-more-in-a-recession/?sh=5488dce566fa
Forbes, “Branding In A Recession - A Survivor's Guide.”
https://www.forbes.com/sites/davidvinjamuri/2019/01/03/branding-in-a-recession-a-survivors-guide/?sh=15b6c060b0e2
Harvard Business Review, “Don’t Cut Your Marketing Budget in a Recession.”
https://hbr.org/2020/08/dont-cut-your-marketing-budget-in-a-recession