Posted by Gareth Cutter on 26th January 2009 to
Marketplace and
Best Practice It's official: figures released by the Government over the weekend confirm the UK economy is in recession - but another document released recently by Xtreme Information's Insight division is urging business owners not to act rashly in these tough times.
Business owners tend to make cuts in the advertising and marketing departments first when trying to cut costs because it's the quickest way of reducing spend. This tactic may have its advantages in the short-term but business owners must consider their long-term goals as well.
Figures from the report, 'Communicating in a Downturn: Recessionary Marcoms Tactics & Strategies' show that companies that act counter-intuitively and market their products/services aggressively during recessions are more likely to survive than those that don't. Brand awareness is likely to erode faster if marketing efforts flag, leaving the market and consumers' attentions wide-open for more adventurous and aggressive competitors to take advantage of.
Email marketing is a popular choice for businesses in need of reaching a targeted audience on a smaller budget, so is likely to increase in popularity during the recession. However, email marketing's advantages go far beyond it's low costs: the return on investment (ROI) is strong enough to rival the most elaborate print and television marketing campaigns. Email marketing's low cost shouldn't be used as an excuse to reduce the marketing budget either: the more you invest in it, the more it will return.
For those interested in ordering a copy of the report from Xtreme Information, please follow this link: Communicating in a Downturn: Recessionary Marcoms Tactics & Strategies. This interactive report gives examples of tactics for marketing in a recession both past and present and is of use to marketers in any field.
