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Marketing Through a Recession Part 1

06 May 2020 Andrew Ludwig, andrew@blackonyx.co.za

“What do you think about a recession?” he responded, “I thought about it and decided not to participate.” Sam Walton, the founder of Wal-Mart. 

This 3-part series covers some articles and white papers responding to the 2008 crisis to better understand marketer’s reactions. While it leans towards financial service providers, the message is clear in explaining why you must invest in a marketing strategy now, specifically a digital one. 

Marketing Through a Recession - Part 1 – Consumer Behaviour – Emotions and Tactics during a recession. 

Summary of Part 1 suggests “Pained-but-patient” and “Comfortably well-off”  audience remain receptive to marketing and that marketers should take advantage of bearish competitors slamming on the marketing brakes. Marketers should own this space to build market share to remain top of mind with cost-effective techniques like direct mail advertising and digital marketing. 

There were 4 emotional consumer reactions from 2008: 

  1. Slam on the brakes - feel the most vulnerable and hardest hit, reduce all spending
  2. Pained but patient - more optimistic, maintain their standard of living
  3. Comfortably well-off - top 5 income bracket who can ride.
  4. Live for today - typically younger, carrying on as usual 

The 4 groups then prioritize consumption into 4 categories (see main article image) 

Click HERE for Part 1 (5-minute read) and look out for the next parts: 

Part 2 – What financial services marketing teams need to do

Part 3 – Reasons to invest in digital marketing strategies 

Don’t want to wait …  click HERE for the full article

 

Click on image to enlarge

 

 

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