If you think it can,
you can… 04
Paul Hudson
December 2022 milkshake 1
GREAT BRANDS INVEST IN DOWNTURNS A GOOD TIME
General Motors, Procter & Gamble, and Camel cigarettes all came to
prominence around 1935. In 1929, however, they were either unknown or
lagging brands. What they shared in common was the way they attacked
an economic downturn with a relentless investment in marketing. As a
result of their willingness to spend while the bigger brands retreated, all
three companies became household brands and case study legends.
Regardless of the economic forecast for 2023, businesses will be
carefully evaluating budgets across departments—and marketing is
no exception. When it comes to budgeting for next year, it’s crucial for
marketing professionals to take careful stock of their current initiatives
and priorities and not make rash decisions. Companies that invest smartly
and consistently during economic downturns will gain a competitive
advantage.
According to Vijay Govindarajan and Anup Srivastava (Harvard Business
Review, How Companies Should Invest in a Downturn, June 17, 2022), the
current economic landscape offers unique opportunities to judiciously
invest in the future. The authors believe smart marketers will need to
focus on having a robust strategy and segment their markets during
confusing times. In addition, they argue that if the economy does turn
downward, the smartest organizations will recognize it as a time to invest
and acquire resources.
As any good marketer knows, you simply cannot cut your way to
prosperity. While others may recede, great brands endear themselves to
their communities by investing in their collective future. History has shown
us time and again that downturns tend to be short-lived and followed
by long periods of expansion. The winners that emerge during these
challenging times are those that capitalize on the opportunity.
Marketing during a period of economic uncertainty may seem daunting.
However, with the right strategy in place, a deep understanding of
your buyer’s journey, ongoing measurement, and a fair amount of grit,
marketing professionals can execute campaigns that drive value for the
business. Whether the economy grows, shrinks, or remains flat, the time
for marketing is now.
The timing of our latest issue is good, too. Our cover story, “Making
Sense,” highlights how budgeting is more difficult when the future is
unclear. The article provides a look into how marketers are planning to
use their budgets, along with advice on some unique avenues to spend
money. In our second feature, “Smart Money,” we remind you how to find
inspiration with intuition. Data is great, but it is a good time to re-engage
our intuition.
Enjoy and warmest regards,
Paul Hudson
02 Cover Story......................................................Making Sense
06 Feature...................................................................Smart Money
10 Tactics........................................Strategies You Can Use
12 On the Record with................Grace Samson-Song
Publisher
Editorial & Creative Direction
Conduit, Inc.: www.conduit-inc.com
Contributors Art Director
Michael J. Pallerino Jeremy Moyler
Maria Soldner
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