When a recession hits, reducing expenses by limiting advertising spending appeals to a number of companies—forecasts for the rest of 2020 show ad spending to decrease by approximately $50 billion. Now, as organizations grapple with widespread delays, downsizing, restricted occupancy, rent abatement, and other industry-specific struggles, silencing advertisements seems like another reasonable step to survive. Nevertheless, history proves that continuing to pursue marketing goals can significantly benefit businesses. During the 2008 recession, Amazon made a point of advertising new products. When the holidays arrived in 2009, Amazon’s Kindle eBooks flew off their virtual shelves and the company cemented itself as original and dependable.
Of course, not every company has Amazon’s innovation team or resources, but the strategy avails. Consistent marketing efforts, especially through trying times, highlights strong businesses and shows audiences which companies are worth their time and money. That being said, not all advertisements are favorable. During a recession, economic and social issues are often in flux, with the public’s outlook changing alongside them. It is important to pay special attention to an ad’s content and underlying message, as a relevant topic in March can turn outdated and overused by May.
Releasing new content in a quiet market, going after low advertising costs, and establishing an image of stability are all smart tactics, but executing them without taste or awareness can have the opposite effect. With all the negativity that surrounds a recession, it is easy to hunker down and go quiet until things start picking back up. Yet, the companies that stay visible and hold their audience’s attention—despite setbacks—experience the most long-term growth.
If your company would like to further their marketing goals during this recession, please do not hesitate to reach out for a free consultation.