Recession Marketing 101!!
|March 2, 2009||View for printing|
When a recession hits, the consumers don’t go away and your marketing plan shouldn’t either. As a matter of fact, experts suggest increasing your marketing efforts and at a minimum maintain your current marketing budget during an economic downturn. Less consumer purchasing power increases the competition for each consumer dollar spent. Consumers don’t stop buying and you shouldn’t stop marketing. What DOES change is how consumers shop during a recession.
Great article that points our some important facts to guide marketers. For example, point six:
More susceptible to sticker shock. This is why grocery stores are selling half-loaves of bread. As the cost of grain rose dramatically, consumers were not buying as much bread. Sometimes, it was wasted, as well. A half loaf is perfect for a single or couple, but families were buying because of the sticker price, afraid of cash-flow issues. This strategy might stay in place long after the recession is gone...
Readily transferable idea. For a website designer... design two pages instead of five this month, then another two next month. You might sell six pages instead of five by selling two pages the thrid month when the client is impressed.
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