Recession is ideal for Smart Marketers
Some advertisers are taking advantage of this recession. Stephen Quinn, Walmart U.S. chief marketing officer, said;
“The recession is actually causing us to be longer-term focused, and to think about things like loyalty and lifetime value of the customer and how do we use this opportunity to keep these folks with us for the long haul.”
It’s very important to stop looking at the recession as a short-term problem that will simply go away. By looking at the long-term, you can make sound business choices by considering things that are going to make an impact over several months and even several years.
Unfortunately many businesses are still pulling back in more ways that one.
According to TNS Media Research;
- U.S. trademark applications through mid-June were down 17% from a year ago.
- Patent application growth stalled last year after more than a decade of high single-digit annual growth.
- Ad spending plunged 14% last quarter.
Look again at the quote by Stephen Quinn. He referred to this recession as an “opportunity.” How do you refer to it and how does your perception of the current economic situation effect your ability to advertise and market your business effectively?
Read more about how to properly market your business in a recession by downloading the free ebook: Recession Marketing Guide.
