Why it matters
With the prospect of an economic downturn, companies must arm themselves, their products, their services, and their brands with the knowledge of how-to best weather a recession.
- A common temptation in a recession is to heavy-hand product promotions with the goal of incentivizing more immediate purchase. This study shows that while this is an effective short-term driver of sales, it can have a negative long-term impact on your brand and customer experience overall.
- Focusing on the customer is what’s truly vital to long-term brand health. This can include all mid and lower-funnel marketing activities from in-store customer service to intuitive online consumer journeys.
- Protecting spend on programs that maintain loyalty and deliver on experience will pay dividends post-recession. Protecting this budget means protecting valuable customer advocates.