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Marketing during recession: Survival tactics
It's been proven that it is sound advice to spend more on marketing during a recession. But many marketers will find this advice impractical. For those that don't have extra money available, what tactics can be used to weather the storm of tough economic times
As we reported in our earlier POV — Marketing in Recession: To Spend or Not to Spend? — the general learning suggests that increasing marketing spend during times of recession can produce long-term gains that more than compensate for the investment required. The explanation of this phenomenon lies in the established relationship between share of voice (SOV) and share of market (SOM). When a brand's share of voice is greater than its share of market, it is likely to grow its market share in the coming year. Therefore, companies that increase their marketing investment when most others are cutting back have an opportunity to substantially improve the standing of their brands.
