The scenario: People are getting laid off, the stock market is down and recession is in full swing. It’s turning out to be a difficult time and everyone is tired of hearing the persistent "going out of business" news, retail news, stock market news and scary unemployment rates. But, here is the good news: there are ways for businesses to be resilient during shaky economic times and it doesn't cost the kind of money that no one has.
We’ve all heard that if there's any better time to increase marketing, it’s during a recession. Understandably, many individuals and businesses have a hard time forking out the cash to do so.
Luxury-oriented communication campaigns are starting to fall dead to recession-wary consumers. As many cut back budgets, it’s important to increase communication with customers in order to show how your product (above others) is working for consumers through the difficult times.
Here is a real-life example: Thinkbig Media’s client ONEHOPE Wine has consistently marketed their brand through these tough times. As their marketing agency, we have helped them understand the importance of marketing and communication and worked together to produce cost-effective campaigns and strategy.
ONEHOPE Wine is a for-profit enterprise that donates 50% of its profits to partner charities through the creation of cause specific varietals of wine. Determined to stay focused on marketing and outreach, the brand was recently featured in Glamour Magazine, TV Guide, and People Magazine. This successful placement by the ONEHOPE team and Thinkbig Media resulted in their online sales increasing three-fold.
The lesson: Public relations, and marketing in general, although seen as “luxury-oriented” in a recession can actually be a company’s most efficient and cost effective tool to stay at the forefront of the consumer’s mind.