Home: Message List - Recession - what a great time to advertise.

Re: Recession - what a great time to advertise.

Iwrite — Thu, 21 Feb 2008 14:38:47 GMT

Welcome to the boards!

Australia?! Cool.

I am glad someone else said this. It is a lesson better learned ahead of time. Playing catch up with your competitors is always difficult. And it dictates the message you have to use. Look at Southwest Airlines during and after 911, they continued to advertise and re-assure the public that they were working to protect them, and they were the only U.S. carrier to come out of it in a more positive position. There were other factors but even they have contributed part of their success to their marketing and advertising plan.

We may not be able to spend like big companies but on our level we should try to mirror the behaviors that work for them - on our level.

Re: Recession - what a great time to advertise.

MKTG.com.au — Thu, 21 Feb 2008 10:12:33 GMT

I couldnt agree more. My clients (big and small) will be encouraged to at least continue the level of their existing marketing spend. Even in tougher times marketing can add value to any brand. I definitely think anyone who cuts their marketing budget will miss out longer term for a short term sacrifice. You can be sure most of your competitors wont be culling marketing.

Re: Recession - what a great time to advertise.

Iwrite — Wed, 20 Feb 2008 20:28:27 GMT

Thanks. I am just trying to get us thinking about getting prepared for hard times if they come.

I know everyone has it all together and they know these things already but I thought I would put it out there to help.

Re: Recession - what a great time to advertise.

Lighthouse24 — Wed, 20 Feb 2008 18:53:04 GMT

On the consulting side, the advertising budget will stay the same. On the training side, the advertising budget will increase (already has, actually). We only advertise to companies and individuals who are buying what we sell. Unless a company already outsources training, or an individual already spends money to enhance his/her skills, they're not in our target market.

A recession usually means massive job losses, so more companies outsource training that is compliance-mandated or designed to build cross-functional skills (we provide both). Likewise, more individuals invest their own money in training seminars, webinars, books, and self-study courses that can quickly develop a new skill and/or provide a recognized credential that makes them a) more valuable to their existing employer, b) more marketable to a future employer, or c) better prepared and qualified to launch a business of their own (and again, we specialize in all those).

A recent issue of Barron's had an article by a financial guru who listed the top ten things the average person could do to become more recession-proof. "Invest in education" was at the top of his list. A BusinessWeek article placed "Expand your skills" as number three on a similar list. The more the news media talks and writes about a recession, the more people see a compelling need for what we offer (thus expanding our target market), and the more we advertise to try to fulfill that need because it presents the ideal business-customer relationship -- where both parties are better off as a result of the transaction!

I hope this provides some useful information for you.

Re: Recession - what a great time to advertise.

LUCKIEST — Wed, 20 Feb 2008 18:19:51 GMT

Try this Over the past five years it was relatively easy to pick winning stocks overseas,
as the overall category soared. But this year the challenge of picking the right
foreign
stocks has become much more difficult. Investors can benefit by adopting a defensive
strategy focusing on
high-quality companies that can thrive in the face of economic adversity.
This
includes companies that pay dividends and that sell products consumers will
always need,
such as telephone service and pharmaceuticals
LUCKIEST

Re: Recession - what a great time to advertise.

Iwrite — Wed, 20 Feb 2008 18:12:35 GMT

Thanks. I was trying not to sound too preachy. lol

Re: Recession - what a great time to advertise.

LUCKIEST — Wed, 20 Feb 2008 17:37:37 GMT

Recession - what a great time to advertise. RIGHT.
YES, Some of the huge companies I have worked with are taking an interesting
slant -
they are increasing budgets, getting more aggressive about
obtaining and retaining customers.
They are preparing for a possible
recession by making sure as many people as possible
know they are still
out here.
And they will still be around after this recession.
LUCKIEST

Recession - what a great time to advertise.

Iwrite — Wed, 20 Feb 2008 15:18:42 GMT

What are your marketing/advertising plans if a recession does occur? Will you reduce your marketing/advertising budget or increase it?

Why am I asking?

Some of the huge companies I have worked with are taking an interesting slant - they are increasing budgets, getting more aggressive about obtaining and retaining customers. They are preparing for a possible recession by making sure as many people as possible know they are still out here.

I apologize up front that I am not looking for any one right answer. I'm not sure there is one answer that is right for everyone. I'm just curious.