I've never worked through a recession.
So my advice on how to market through one is probably useless. Lucky for you, though, I've been actively reading from better thinkers and want to share one key thought about marketing in a recession.
That critical thought or insight is that marketing efficiency will make or break many companies.
Don't worry; I, too, was unfamiliar with the term marketing efficiency. I get what the words mean, but I've never heard them used in this context.
Let's first take a step back and fathom what inefficient marketing looks like:
- Overpaying for traditional ads and not finding new (cheaper + effective) avenues
- Putting out a monthly newsletter when weekly is doable and more effective
- Spending $100k to put your logo in Times Square when you IPO
Some companies have deep enough wallets to do crazy shit to drive awareness (one aspect of marketing). But, of course, this stops when a recession hits. Or, if continued, will cause the company to go bankrupt.
Most companies will experience constriction rather than expansion in their marketing budget and activities.
This means that marketers must do more with less.
The companies who come out of this period with better marketing are the ones who understand this.
They will prioritize marketing efficiency, which leads to a more significant impact without spending as much.
🧠 + ❤️ // JO
P.S. I realize I never define or explained marketing efficiency (only what it doesn't look like). I will continue to research this and develop this concept more.
P.S. I realize I never define or explained marketing efficiency (only what it doesn't look like). I will continue to research this and develop this concept more.