As a recession creeps in 👻 , it is time to recall lessons learned from 2008. And most importantly, it is time for all marketers to echo in unison: Maintain your marketing spending! 🔊 🔊 🔊 🔊 🔊
As marketers, it is our time to educate about the evolving market dynamics and how to align them with the changing consumer behavior we will see in this upcoming recession 👆
What is the most common change in consumer behavior? Prioritizing.
According to Kantar, 73% of the global population doubts their income will keep pace with inflation 🏃♂️
So how do we make our product be prioritized during this hardship? 🤷♂️ My tips :
🚀 Stay Future Focused: Crisis or not, we must maintain a long-term vision.
🗞 Continue Advertising: Advertising ensures you remain at the forefront of consumers' minds.
🧠 Play Smarter: Create memorable ads rather than just clickable ones.
🎶 Shape your Voice: Balance your Share of Voice (SoV) and Serviceable Obtainable Market (SoM) to ensure your brand thrives.
🤑 Stay Profit Focused: Great marketing is what drives great profits.
💰 Invest in Branding: It will help you maintain pricing power so you avoid falling into discounting. Remember, a strong brand drives a higher profit margin!
Remember the case of Kellogg Company 🥣 : During the Great Recession, they doubled their ad budget while competitors held back. The result: Becoming the dominant player in the industry 🏆 . (Find their story in the comments 👇 )
Essentially, staying focused on the future and keeping your cool is the key to resilience. After all, we've survived recessions before, and we'll do it again! 💪
#marketing #advertising #brand #consumerbehavior #recession2023 #recessionproof