While the Midwest seems to remain isolated from the pending recession that is affecting both coasts, there is a lesson to be learned about how and why to market during a downturn in any industry. Several years ago we published a white paper on the subject that was based on exhaustive research on how companies fared after a recession.
Those that continued to market aggressively showed improvements in growth and market share when the market recovered. The others sealed their own fate by allowing their competitors to take the customers.
At VI, we don’t mind a slower economy for ourselves or our clients. We think it shakes out the lesser companies that typically drive the market down anyway. We go for market share during slower times and then realize the benefits when the economy improves. What better time to maintain brand loyalty of existing customers and encourage sampling of your brand? And, every seasoned marketer knows how much momentum is lost during long hiatus periods.
Your marketing strategy may very well change during a downturn, but it shouldn’t stop. If you could use some help defining your strategy in the coming year, give us a shout. 2008 doesn’t have to be a down year!