When recession turns recovery, which companies will be poised to take the stage and lead their respective industries? Sure, history shows us companies that continued to advertise and promote during recessions (even the depression) were the ones that came out ahead when the economy turned. However, I think there’s more to it this time.
Which Companies Take The Lead When Recovery Kicks In?
Certainly there is history to remember, but today’s consumers want more than just intrusive advertising. There are emerging trends in the way we communicate which may reveal the answers.
New Media, New Audience, New Technologies, New Brands
The incredible growth of the Internet and Social Media cannot be ignored by any business in any industry. To do so will be at the risk of your own demise. Don’t agree – look at the facts.
- Over 80% of Americans use the Internet today
- People now spend as much time online as they do watching television
- Facebook has more than 300 million active users
- President Obama used social media to spread his message, gain followers and ultimately win an election (let’s not forget Twitter’s impact in Iran)
- Google is #7 Ranked Brand Name in the World
Stay Relevant With Customers Or Die
Stay quiet during this down time – good luck! Slash marketing budgets, yet do nothing in its place to stay in touch with your customers – who are you again? However, it’s not about maintaining your advertising – there’s more to it this time.
We Will Do Business With Those We Trust
With the meltdown of the banking and automobile industries, loss of jobs and overall job security as well as the enormous hit to 401k plans, home values and net worth – Americans are reevaluating which businesses they will trust going forward.
Today’s information evolution driven mainly by the Internet and social media has created a media savvy and educated consumer. People want to make up their own mind about what they need. They want to form their own opinions on products and services – and they will express those feelings with others.
The Internet and social media is changing the way we share, exchange and connect with each other. Companies who embrace these new communication platforms to provide relevant and transparent information, share their expertise, exchange ideas, offer solutions and answer questions will gain credibility and build relationships with customers.
So, Which Companies Take The Lead When Recovery Kicks In?
The ones we trust – because there’s more to it this time.
How about you? What do you think will shape the companies that will take the lead?
