Is there a silver lining to recession?
No one looks forward to a recession, but economic downturns can provide opportunities.
Some of these opportunities will come from changes in consumer behaviour. Others will come from reduced marketing activity by rivals (e.g. reduced costs for advertising media).
In the early 21st Century, we now know something about buying behaviour, even if our text books have yet to catch up. We know something about how advertising works and how brands compete. We’ve also experienced several recessions in the past 40 years, so we can learn from the past.
Drawing on existing empirical knowledge, the Ehrenberg-Bass Institute offers this guide to marketing in recessionary times. Specifically we answer these questions: