Wednesday, August 5, 2009 Recessions create glass-half-full opportunities
I can’t think of a single client who during the last nine months hasn’t asked this question: Should we lower, maintain or increase our marketing budgets during a recession?” Ah, the $10,000 question.
We addressed it before, in a June blog post by Greg Nickerson. But the fact is the question still burns for many marketing executives.
Our counsel on the subject may seem obvious and self-serving; it’s coming from a marketing services agency after all. We’d encourage you to increase your marketing communications activities, such as advertising and public relations, during tough times. The reasoning is that your investment will pay off in increased market share as your competitors instead “go black” during tough times.
But let me assure you, we haven’t grown for the past 35 years by giving our clients bad advice. In fact, we know quite a bit about the roll share-of-voice plays in increased brand awareness, familiarity and differentiation. So yes, we’ll stand behind our recommendation that your business can get a leg up on the competition by not only maintaining marketing spend during a recession, but growing it.
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