✅ How To Market in a Recession⭐
Companies should bear eight factors in mind when making their marketing decision during a Recession:
- Research the customer. Instead of cutting the market research budget, you need to know more than ever how consumers are redefining value and responding to the recession.
- Focus on family values. When economic hard times loom, we tend to retreat to our village. Look for cozy hearth-and-home family scenes in advertising to replace images of extreme sports, adventure, and rugged individualism.
- Maintain marketing spending. This is not the time to cut advertising. It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at a lower cost than during good economic times.
- Adjust product portfolios. Business owners must forecast demand for each item in their product lines as consumers trade down to models that stress good value, such as cars with fewer options.
- Support distributors. In uncertain times, no one wants to tie up working capital in excess inventories. Early-buy allowances, extended financing, and generous return policies motivate distributors to stock your full product line.
- Adjust pricing tactics. Customers will be shopping around for the best deals. You do not necessarily have to cut list prices but you may need to offer more temporary price promotions, reduce thresholds for quantity discounts, extend credit to long-standing customers and price smaller pack sizes more aggressively.
- Stress market share. In all but a few technology categories where growth prospects are strong, companies are in a battle for market share and, in some cases, survival.
- Emphasize core values. Although most companies are making employees redundant, chief executives can cement the loyalty of those who remain by assuring employees that the company has survived difficult times before, maintaining quality rather than cutting corners and servicing existing customers rather than trying to be all things to all people.
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