don't get down in a down economy

April 14, 2009 ·

it's getting pretty repetitious seeing all the doom and gloom of the economy in the media everyday. it's a reality, but it's also pretty tiresome. in my particular industry, it is being felt just as much, but thankfully not much of the doom (as of yet), just a lot of gloom.

but i'm not letting it stop me or the work of my clients. reading in between the lines of this downturn, i see opportunity. here's my take for the advertising world.

innovation
now's the time to push the envelope. publishers and suppliers are hungry for any revenue and are likely more open to different approaches that break from the norm. or at least they should be if they like income. on the client side, it may be a little harder to justify trying something new and perhaps unproven when every dollar counts so much more. but it is those leaps that can propel a brand when all around them are stagnant. think crazy, think big. challenge the standard and staid.

pricing
in a similar vein, hungry media companies will work in other areas as well to make it attractive for advertisers. it's not bullying, but good deals can be struck. when faced with a lower cost of the media and heavy bonusing or no revenue at all, the choice is clear. and it saves them the erosion on their own brand perceptions of a thin book, lots of house ads or worst of all, ugly credit ads. we should always be innovating and not using the economy as an excuse to postpone.

social media
as this is a relatively lower cost space to play in, social media could take precedence in the marketing mix. when times are tough, it's your core consumers that will keep you in the game and this is the right channel to build that out.

don't stop spending
there's a lot out there to say that curtailing spending on your brands in a recession is harmful to brand growth (or even maintenance) in the long term. the short term impact of putting back to the bottom line is faulty long term. i know this is the hardest to adhere to, but most significant because it is the whole of the brand at stake.

it's too easy to get down in the dumps about a recession. it's the same as with a personal brand as it is with a corporate brand. i read that people have a tendency to go into the doldrums in these times and that is exactly the opposite of what they should be doing. people should be even more active to prove their worth and stand out above the others to continue their growth and keep their jobs. brands should be no different. rise above it and do your bes not to stall.

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