During rough economic times, there is no doubt that survival instincts kick in. Those who keep a strong, level-headed focus on the task at hand and don’t panic, usually weather the storm the best.
Look at the statistics. A McGraw-Hill Research study assessed 600 companies for five years in the 1980s and those companies that either stayed the course or increased their level of advertising spending during the 1981 and 1982 recession had significantly higher sales after the recession ended. Companies that aggressively advertised during the recession had sales more than 250% higher than those who chose not to advertise. Instinct warns us to cut back, slash marketing and advertising budgets and save dollars. However, it’s been proven that continued or increased spending during tough economic times can actually help pull you through and out to the other side positively.
Read the suggested actions here.