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As a nation, the United States has endured nine recessions from 1950 through 2000--a total of 94 months or 14% of that 50-year time span. The average recesson has lasted 11 months, although the recessions that hit in 1975 and 1982 lasted 16 months.
Our current recession, which The National Bureau of Economic Research has confirmed began in December 2007, has again plunged our country into the fear and uncertainty that comes with hard economic times. Individuals fear the loss of jobs; companies fear a sharp decrease in business, one that forces massive layoffs or, in the worst case, the company's demise.
Fortunately, there are steps that a company can take during a recession to help maintain sales in the short run as well as in the long run, and a key step is continued promotion.
A study by McGraw-Hill Research shows that companies that maintained or increased their advertising and promotion during the 1981-1982 recession experienced enduring sales gains. In fact, the 600 companies analyzed, those that aggressively advertised throughout the recession, enjoyed sales that were 258% higher than companies that cut back on advertising during this time and those sales continued through the recession and into better times.
Rethink The Recession!
2/2/09
A nice concept, you might say, but is it a realistic one in these days when purse strings are tight? Absolutely!
There are, in fact, vast and affordable options when it comes to maintaining or even increasing your promotion efforts. Add to that the fact that many companies, needing to conserve cash, remain on the advertising sidelines, and you'll realize that this recession may, in fact, offer you a valuable opportunity to increase your share of market through maintaining your current customer base while attracting new customers to the fold.
A recession certainly isn't the best of times, but it doesn't need to be the end of the world either. Plan your marketing strategy, keep your advertising hat on and challenge yourself to find powerful, yet cost-effective ways to keep your name, your product and your services in front of your customers.
And, before you know it, happy days will be here again and your company will be positioned to enjoy them to the fullest!
