Plunging stock markets and economic recessions are nothing new — we’ve been through these before and know what the right course of action is: tighten our belts a bit, keep investing in our brands, and be shrewder about short-term tactics. We know the research will bear this out — study after study* has shown that those companies that maintained spending or invested modestly during recessions gained share at the expense of those that cut marketing budgets.
Some forward-thinking marketers even saw in these downturns a way to reassess the tactics they employed. And, came out of those recessions not only with more market share and stronger brand relationships with their customers, but a decided edge in how to market effectively over colleagues who stuck their heads in the sand.
Now we’re experiencing something we’ve never seen before in our lifetimes — an economic hiatus caused by a global public health emergency. In the months to come, we will turn the corner on this, most businesses will revive, and the stock market will come back. The question is, who will see this crisis as an opportunity to market better, and who will pull back, and miss all the opportunities out there?
In my latest blog for The Gate New York, I look at six smart tactics marketers should consider that will help them push through these tough times, find new opportunities for growth, and get a lap ahead of the competition when this hiatus is over.
Explore each point here.