Co-Founder
Sigh, it’s like we can’t catch a break. So much has happened over the past two years and now some experts are saying we’re heading towards a recession.
Defined as “a significant decline in economic activity that lasts for months or even years,” a recession is classified by certain criteria. These, according to Forbes, include: negative gross domestic product (GDP), rising levels of unemployment, falling retail sales, and contracting measures of income and manufacturing for an extended period of time.
We’re not trying to be Negative Nancy…. more like Prepared Polly. It pays to be prepared, so whether the impact has been great or minimal, we want you to feel confident in your marketing strategies to survive the impending period of decreased spending. To help, let’s talk tips for marketing in a recession.
But, before we dive into the marketing tips, it’s important to briefly touch on why the recession is happening in the first place.
Why Now?
It was originally speculated that, in a post-pandemic world, there’d be an economic boom. People were home, out of work, and spending less. Now—because the pandemic has slowed a bit and we’ve returned to a quasi-normal existence—experts expected an increase in demand.
With multiple factors, in addition to COVID-19, playing a part, however, the opposite happened. Forbes points to three factors that are contributing to Americans’ current concerns of a recession: inflation and supply chain disruptions, Federal interest rate hikes, and yield curve inversion.
Knowing these factors could cause a recession, how should marketers prepare?
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Co-Founder
Sigh, it’s like we can’t catch a break. So much has happened over the past two years and now some experts are saying we’re heading towards a recession.
Defined as “a significant decline in economic activity that lasts for months or even years,” a recession is classified by certain criteria. These, according to Forbes, include: negative gross domestic product (GDP), rising levels of unemployment, falling retail sales, and contracting measures of income and manufacturing for an extended period of time.
We’re not trying to be Negative Nancy…. more like Prepared Polly. It pays to be prepared, so whether the impact has been great or minimal, we want you to feel confident in your marketing strategies to survive the impending period of decreased spending. To help, let’s talk tips for marketing in a recession.
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