Recessions are introspective times for our clients. The companies they work for look inside their walls and make adjustments in personnel and budget they may have wanted to do for a while but were afraid to. Every company has some people who management would like to trim and sacred cow budgets they would like to cut.
As unpopular as these actions can be, they are less so during a recession. When you hear about layoffs or budget cuts due to a recession, don't think they are random.
The same is true cuts in the media budget. If there are cuts they will be thought out.
Earlier this year B to B magazine surveyed it's readers to ask what impact the recession would have on media spending.
About a third talked budget reductions, 12.3% talked increase. A 58.3% majority the numbers would stay the same.
But the real news was in which media would sustain reductions and which would capture gains.
Print will be hardest hit with 45.3% of marketers picking it as the channel sustaining the biggest cuts. Online media will see the largest gains.
In a recession accountability becomes more important. Online media is the most trackable of all media while print advertising is one of the least.
The best defense against a recession is a robust online portfolio of products.
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Posted by: Frank | October 26, 2008 at 04:14 PM
The importance of the website will only grow, just like social media.
As with every recession people will revisit their decisions made and change them for the new times.
Currently 7 out 10 B2B purchases start with an Internet search, thus in order to reach your potential customers early in the buying process find them on you website.
You just need a service that reveals the company names of your website visitors to have a start for lead generation.
Posted by: Engago Team | November 01, 2008 at 12:49 PM