‘How will we weather this downturn to emerge stronger?’ asks Peter Field. Peter delivers his findings from new research into advertising during a recession.
According to the ‘Godfather of Effectiveness’ Peter Field, post COVID-19 the prospect of a recession seems increasingly certain and the temptation for many in the business world will be to cut marketing and advertising budgets to the minimum. But is this the best approach?
Should we continue to invest instead, and in what measure? How should we balance our activity between sales activation or brand building? What can we learn from previous downturns that will help us to weather this one and emerge stronger?
These are the pertinent questions that Peter Field addresses in an article he has written for The B2B Institute at LinkedIn, published this week 6 April 2020, and that he discussed in an IPA webinar, co-hosted with The B2B Institute at LinkedIn.
Within his article, Field has examined IPA data from around 50 case studies covering the 2008-9 recession period, adapting previous learning to this new situation to outline seven lessons for advertising best practice during a recession.
The IPA also co-hosted a webinar with the B2B Institute at LinkedIn on the findings of this paper which you can watch here:
The coming months will test everyone – we are in uncharted territory. But this was much the same in 2008 and it was the brands that held their nerve – and share of voice - that bounced back strongly when recovery came.