Did you learn from the last recession?
Its official – the UK is now in recession with house prices falling and consumer spending in decline but does this mean that you should stop promoting your business?
The answer, if you needed to know, is most definitely NO.
During the last recession many major names started to disappear, they stopped promoting their business and thought that customer loyalty would get them through it. In reality their competitors started to shout about how good they were and customers moved.
The best example of this is a well know supermarket chain (we don’t want to name them as they get far too much PR already) – they saturated the market with marketing and came out of the last recession stronger, more profitable and more competitive.
So how does this reflect on your business? It’s fairly obvious really, when budgets are tight the last thing you should do is cut your marketing spend. It’s what most of your competitors will do but there may be one who doesn’t.