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Marketing In A Recession
By Brian Meckler, Marketing Advisor |
I’m not an economic expert, so I won’t attempt to speculate on how long the economy will be in a downturn. However, I can say that we can survive the storm by focusing on the customer.
Whether the economy is up or down, you should set budgets with your business goals in mind. Marketing is more important than ever. What do chief marketing officers think of marketing during a down economy? Ninety-four percent believe that a tough economic period is precisely the time when marketing plays a key role.*
Here are a few suggestions to consider during the current economy:
Focus on additional value. Think more about how to engage your audience. It’s your audience that will ultimately determine your success. Can you add more value than your competitors? Value can take many shapes.
Consider these value statements:
* Buy our software and upgrade to the pro edition for free.
* Hybrid vehicle owners save $1,500 per year.
Focus on price and savings. Put yourself in the consumer’s shoes. Regardless of the economy, if your TV breaks, you’re going to buy a new one. In a booming economy, the more features the better. In a down economy, we focus less on features and more on staying within our budget. You should test ad copy and landing pages that focus on savings. Recently there are more visits to coupon sites and searches that include the words discount, coupon and sale. *
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Marketing Majors: Break into the Industry
By Jason Jacobson
I realize it's only February, but this is the time when a majority of college seniors start to feel the inevitable panic that comes with graduation and the need to find a paying gig. Maybe I'm still feeling the love from my Valentine's Day hangover, but since my story about breaking into the biz is still fresh, I thought a little empathy could be beneficial.
It all started on a cold December night in 1984 when a beautiful blue baby emerged. After some medical miracles, he uttered his first sounds and hasn't shut up since. It was clear in that Fargo hospital that his voice would be prominent in all that he did. I'll spare you the next decade an a half filled with singing, dancing and tights. (Hey, some people can run, I could pirouette.)
During my sophomore year in high school, a guest speaker came to talk about advertising at one of our career week events. Before that lecture, I had thought advertising was just making commercials for the Super Bowl or the Final Four. (Just because I run like molasses and have the cannon of a crippled T-rex doesn't mean I don't wish I could ball.) At this seminar, the speaker from a local agency explained what marketing was. He held up a Coke can and explained how the colors, ads and placement all were developed to sell more sweet brown liquid than Pepsi.
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