The paper cited six papers that found that maintaining or even increasing advertising spending during economic downturns often yielded long-term benefits.
Adjusting marketing activities during recessions affects consumer behavior;
companies that go against the grain benefit both during and after the crisis;
It is advisable to disrupt market trends by taking into account a whole range of factors, such as: the cyclicality of demand and marketing efficiency, as well as the cyclicality somalia company email list of the contribution of each sale to profit.
Example of Greece
The stunning Greek collapse of 2009–2018 is one of the most striking examples of the effectiveness of marketing during economic turmoil.
This can be judged based on the study “Marketing strategies and performance during the economic crisis”, which was conducted in Greece itself and was devoted to studying the actions of marketers in 167 companies engaged in the production of dairy products.
During the research it was found that the level of advertising intensity during the crisis decreased by 2 times. But it was proven that both in the pre-crisis period and during the upheavals, advertising had a statistical impact on the profitability of the business. And a larger amount of advertising provided greater profitability, but up to a certain point subject to calculation.
The study's authors also reported that "call-to-action" advertising on TV proved to be profitable before the crisis, while "explanatory" advertising in newspapers and magazines performed best during the crisis.
It is worth noting that the study was conducted in the late 2000s, when newspapers and magazines were a more popular advertising medium than today, when they have been replaced by online platforms.
The results of the Greek study, when applied to the online environment, confirm the above assumption that content marketing can be a significant support for sales during a recession.
Conclusions
In a crisis situation, there are still potential opportunities for growth, but we often succumb to the herd mentality and lie low, waiting out the danger instead of taking action.
Internet marketing in the current conditions is becoming one of the few ways to act. Ignoring it, cutting the budget and going with the flow along with everyone else means standing still and delaying in solving problems. And delay, as we know, is often like death.
Once, during another economic crisis, the founder of the largest American wholesale and retail chain Walmart, Sam Walton, was asked what he thought about the recession that was going on at the time. To which he responded: “I thought about it and decided not to participate.”
The summary scientific review contains the following conclusions:
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