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Ok, now that the recession is finally here, what do smart marketers do now? Do not cut marketing and PR budgets. Instead, keep your budget the same, or even increase it. Why? Statistics show that the companies that keep marketing budgets intact invariably come out ahead. Recessions can actually offer unprecedented opportunities to market a brand, service, or product in an environment with less noise and clutter. If the competition suddenly becomes less visible and you increase your exposure, you'll be one of the few companies consumers see loud and clear. According to "How Advertising in Recession Periods Affects Sales," by American Business Media, "The findings of the six recession studies to date present powerful evidence that cutting advertising funds in times of economic slowdowns can negatively impact sales and profit levels on a short-term and long-term basis." Newspapers, magazines, television, radio and the Internet all need content during an economic downturn. There's the constant need for content, with fewer media releases piling up on reporters' desks. When your company receives credible third party press, customers will be more likely to buy-even in a poor economy. Need an example? Proctor & Gamble pushed Ivory soap during the Great Depression, Intel launched "Intel Inside" during the 1990-1991 recession and Wal-Mart completely cornered its competitors with Every Day Low Prices from 2000-2001. Every recession has an end. Now is the time to focus on more than survival - it's time to focus on the inevitable rebound. Making your name now will serve you well once the economy makes its comeback. This is the latest in a series of articles discussing PR in a down economy. See "Economic Downturn? PR Opportunity!; Cutting Back Can Backfire; Recession PR; Recession Proof." |
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