Adjusting Marketing Spend in an Economic Downturn
However irrelevant the results are, they are still interesting. When I asked the question on LinkedIn, most of the responses suggested companies were spending the same but altering the marketing mix. A few were scaling back. See Monday’s post for a synopsis of the LinkedIn Q&A or visit my LinkedIn profile where you can actually view the responses.(click on the Q&A tab on my profile)
In the blog poll, 2 votes were for spending more, 1 for spending less, and one for spending the same. Again, hardly scientific, but it would have been interesting to hear more from the two marketers who said they were spending more.
I am curious to know if they are in markets that are doing better than average or if they see this as an opportunity get an advantage over competitors who are scaling back. Or maybe, they are selling a product that is attractive during a downturn.
Everyone thinks of the Great Depression as a time of overwhelming misery (and I am certain it was), but remember, companies like Wrigley may not be what they are today had it not happened. By selling chewing gum, a simple pleasure that many could still afford, they endured and went on to become a multi-billion dollar powerhouse in their segment.