Recession, Advertising, and Opportunity: Food for Thought
Seems like when the going gets tough, the marketing budget is the first thing to get the axe. And, at first glance, the logic makes sense – after all, when money’s tight, isn’t it more important to keep the business you already have instead of dropping buckets of cash chasing new clients?
Well, yes and no. According to a recent article in The New Yorker, there’s a lot to be said for boosting your advertising and marketing budgets during a recession. Financial writer James Surowiecki (one of my hands-down, favorite financial writers) points to companies like Kellogg’s, Kraft, Hyundai who have used previous economic downturns to gain an edge over the competition. It seems like while the other guys were playing it safe by cutting marketing dollars, these former underdogs took a gamble and launched big marketing campaigns and new products instead.
Photo by pfala
Good news for people in marketing and advertising, to be sure. But, whatever business you’re in, it’s an interesting look at how to gain an edge over the competition.
It’s definitely worth checking out. Read the full article here and let me know what you think – we love to hear from our readers.
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i think it would be a mistake to give up on advertising right now, people are spending less but you still want to be something they are spending money on so its important.
the Economic Recession has been pretty hard on us. some of my friends lost their job because of the massive job cuts. i just hope that our economy becomes better in the following years.
the economic recession made a lot of workers jobless. my best friend and me lost our jobs because of job cuts. i hope that our economy would recover soon.