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Every media channel is buzzing with talk of a possible receding economy and I started wondering how this might affect future marketing initiatives. I then came across an article titled, Racing through Recession: Brand Lessons from the Daytona 500.
The article compared branding lessons during a recession to racing the Daytona 500 by concluding that “when it comes to driving growth in a down economy, don’t be afraid to invest in your business and rev up your brand. By pushing the turns, mastering the pit, drafting the leader, and driving defensively, you just may capture the pole position right in time for the recovery.” The article suggests that companies who don’t cut marketing spending in a recession will nearly double the growth of competitors that make cuts. Notoriously companies “that have done this quite successfully in the past, and they aren’t maverick contrarians either – it’s Proctor & Gamble pushing Ivory soap during the Great Depression, Intel launching “Intel Inside” during the 1990-1991 recession, or Wal-Mart smothering competitors with Every Day Low Prices during the 2000-2001 post-bubble slowdown”.
How do you think the receding economy may affect a company’s marketing initiatives? What companies do you see pulling out as front-runners?
By: Trista Thielker
