For Recession Marketing, Think Thrifty
News headlines are no longer speculating about recession across global markets. With big players in finance either running for cover or getting swept away, the imminent rough times ahead are causing individuals to worry about their own financial security. Companies across most sectors are bracing for the slump, and consumers are tightening their budgets as they prepare for the worst.
The reaction in business has been to cut costs where possible, especially in marketing. This approach may require more careful consideration, however. In a downturn, marketers share a vital need to research their customers and understand how consumer spending habits are being affected by tighter budgets. Those who understand price sensitive shoppers and communicate effectively with them will gain market share over the weaker companies that go silent during a recession.