RECESSION MARKETING:
GUIDELINES TO RECESSION-PROOF YOUR BUSINESS
As of the writing of this paper, many global brands and start-ups alike have made the decision to cut budgets and lay off staff. It’s highly likely we are in a global recession, albeit one that is asymmetrical across business sectors.
This is supported by the opinion expressed in The World Economic Forum’s Chief Economists Outlook, which explores many of the key forces currently driving the global economy and disturbing the lives of people and businesses across the world.
In the absence of contingency planning, recession fears can create a self-fulfilling prophecy. Reacting on the fly, companies can feel compelled to act in ways that are counterproductive to their survival and long-term success.
Whether making steep cuts to marketing budgets or retaining a business-as-usual approach, which is the equivalent of sticking one’s head in the sand, companies that fail to adjust to the new landscape risk entrenching revenue hardships that will stifle business growth long after the recession ends.