Tag Archives: Recession Marketing

Economy Down. Online Advertising Up.

According to ADWEEK, magazine, the online advertising segment grew additional 11 percent in the third quarter of this year. This supports our recommendation to reallocate portions of print and broadcast budgets toward banner advertising, web site enhancements, search advertising and social media. These media can more easily be tweaked for niche media and provide better tracking. This will undoubtedly be a tough year for all media, but an opportunity for clients with smaller budgets to buy low.

Sources:

Mike Shields, Mediaweek

Interactive Advertising Bureau

PricewaterhouseCoopers

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Bank sends wrong message with scratch off promotion.

Bank offers scratch-off game for customers
Bank offers scratch-off game for customers
One of the larger bank’s in the nation is running a promotion where customers are given a scratch off card and the opportunity to instantly win $250,000. I first found out about the promotion a month ago. Even then, it seemed odd that a bank would promote the idea of easy money. The promotion reminds me of the lottery and an underlying message of "don’t worry, pal, you’ll get rich quick and all your problems will be over." It just doesn’t fit the brand tone of an institution that’s promoting the responsible use of money. Sure, one person will win the money and feel swell, but imagine how that same amount could have been allocated tax-free to help hundreds in need.

What started as an irk turned into an insult after the $750 billion bank bailout. "Hey guys, knock knock. In case you haven’t heard. We’re really pissed at you. You greedily made bad loans, and now we’re bailing you out while our economy tanks." I’m sure there are plenty of responsible banks out there, but this is the wrong message for a bank to send in the best of times and certainly not during a recession.

When consumers are squeezing every dollar until it hurts, they want to know they’re spending it with businesses who are doing their best to deliver value and control costs.

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Recession Success Stories

Some companies are actually becoming stronger during the recession. Our local coffee shop, for instance, is flourishing with a special brew of service, amazing product and a neighborhood appeal.

One of our clients, a medical equipment distributor, has more than compensated for sagging equipments sales through a focus on service.

Empower Aviation, a newer client that offers a private jet charter service, has exploited commercial air’s disarray by targeting niche markets, including first-time private jet passengers

So what makes these companies so successful?

  1. Amazing products. Tough times curb impulse and convenience decisions in favor of the right purchasing decision. Consider guarantees and warranties to lower the risk threshold.
  2. Services that extend the usefulness of existing products rather than replacing them.
  3. Understanding what customers want, their changing definition of value, and their personal struggles, e.g. “I can’t afford a summer vacation, but I can enjoy a fine cup of coffee with the folks in my neighborhood.”
  4. Personalizing marketing to the most profitable segments, e.g. Existing customers, or focusing resources within a tighter geographic area.
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Grow Your Business During a Recession

The recession, economic downturn, or however you choose to spin it is a natural part of the economic cycle. It’s also a golden opportunities for marketers to build brand awareness and sales, both short and long-term; take advantage of media deals; and to outmarket more timid competitors. Our first Slightly Soiled White Paper by Ideopia CEO, Bill Abramovitz, explains why.

in PDF format.

Comments and ideas about the topic are most welcome!

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