In a volatile economy, every marketing decision takes on extra importance.
To find what works and what doesn’t, we dug into the lessons learned from the 2008 recession. In these stories, we found three key takeaways.
Watch our latest one-minute marketing video, ‘3 Tips for Marketing in a Downturn’ by pressing play below. If you’d like more ideas for marketing in a volatile economy, please reach out. We’re here to help.
When the economy contracts, budgets often follow.
There are lessons to be learned from the 2008 recession. Here are a few key takeaways.
Tip one. Adapt to consumers’ changing needs. An economic downturn can cause shifts in their attitudes and values. Think about how products and messaging can respond. Sales for Amazon® grew 28% during the 2008 recession, when they released the budget-friendly Kindle® products, catching attention of customers looking to spend less.
Tip two. Build trust. Use messaging that creates an emotional connection and shows empathy to your customers. And, back up those messages with actions. Hyundai® took this to a new level in 2008 when they assured customers they could return a newly purchased vehicle if they lost their job. The result was a 5% increase in sales during the recession.
Tip three. Be helpful. Offer free additional services or supportive content. Your efforts will positively impact perceptions of your brand now and in the future. Take Starbucks®, for example. In the 2008 recession, they offered free breakfast pastries with the purchase of their coffee. This sweet deal was sold to more than one million people.
With these tips, your organization can not only survive, but thrive, during an economic downturn. If you need more ideas, give us a call. We’re here to help.
Amazon is a registered trademark of Amazon Technologies, Inc. CORPORATION NEVADA Attn: Trademarks 410 Terry Ave N Seattle WASHINGTON 98109
Amazon Kindle is a registered trademark of Amazon Technologies, Inc. CORPORATION NEVADA Attn: Trademarks 410 Terry Ave N Seattle WASHINGTON 98109
Hyundai is a registered trademark of HYUNDAI HEAVY INDUSTRIES HOLDINGS CO., LTD. limited company (ltd.) REPUBLIC OF KOREA 50, Techno sunhwan-ro 3-gil Yuga-eup, Dalseong-gun Daegu REPUBLIC OF KOREA 43022 Starbucks is a registered trademark of Starbucks Corporation CORPORATION WASHINGTON 2401 Utah Avenue South Seattle WASHINGTON 98134