In any economic downturn, marketers can quickly find themselves in unfamiliar territory. Sure, no two recessions are alike. But marketers who have been around the block once or twice (or three times) may notice patterns in consumers’ purchasing behavior and/or in marketers’ strategies. And those strategies can either boost or bust their overall performance.
Often what you’ll see in a recession is consumers will tighten their belts and reduce their spending. As a result, sales drop and companies start cutting costs and reducing prices. Budget cuts across the board follow.
But hold on… wholesale reductions like these can be a mistake.
So, How Do You Market In Times Like These?