As COVID-19 sweeps the world, our economy is quickly going down the toilet (along with stockpiles of toilet paper). Unfortunately, we are likely already in a recession. For marketers, recessions have historically been scary times. Often, marketing seems like the easiest thing to cut. But is that wise?
As a marketer, if I wrote a blog post telling you to increase marketing during a recession, I’d look a little self-serving (to say the least). So instead, I decided to look at what the research tells us about marketing during recessions.
What I found is overwhelming evidence that it pays to maintain — and in some cases increase — marketing expenditures during an economic downturn. As Peter Fader of the Wharton School said, “As companies slash advertising in a downturn, they leave empty space in consumers’ minds for aggressive marketers to make strong inroads.”
Read more »