A Checklist for Reinvention in a Recession.
I firmly believe that alongside some pretty nasty side-effects, this economic downturn can also bring about good things in the form of a digital marketing renaissance. Over at AdAge, I explain why.
Here's a brief excerpt:
Marketing innovations during recessionary times have been proven (and reinforced by smart folks at places such as Harvard Business School) to lead to increases in market share, shifts in brand loyalty, reinforcement of core values and better opportunities to learn more about your customers. In fact, some of the best brands and products have been launched successfully during recessionary periods. MTV, the iPod and Crest White Strips are but a few examples of those.That's why many experts suggest the thing you shouldn't do during a recession is cut back on ad spending. But it happens nonetheless. Hey, the bottom line is the bottom line. And when that happens, everyone feels it. Publishers, agencies and, of course, advertisers -- both traditional and digital.
Historically, it's the time when everyone starts talking about direct response, search engine marketing and every other bottom-of-the-sales-funnel, ROI-attached ad tactic as "the responsible thing to do."
But while those may be important components of a holistic advertising strategy, what often gets left on the cutting-room floor is a budget for everything else marked with the scarlet letter E (for "experimental"). Display advertising, promotional microsites, social media and other forms of interactive marketing often get that E label.
What are my tips for digital marketing in a recession?
