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Why Advertise in a Down Economy?
Liz Bracken-Thompson, Executive Vice President & Creative Director at Thompson & Bender
During difficult economic times many businesses shift dollars once used for advertising to other operational areas when in fact throughout history, economic recessions have often provided a “springboard” for some businesses to improve their competitive advantage and entrench their brands in the hearts and minds of consumers.
As America entered the Great Depression in 1929, Post cereals were the dominant market leader in breakfast cereal brands. They considered their market position secure and slashed their advertising budget to save money. A much smaller cereal brand named Kellogg saw the gap left by Post in the advertising marketplace and seized the opportunity to launch a brand awareness campaign that catapulted them to the top of the breakfast cereal category. As the Great Depression ended Kellogg had overtaken Post as the dominant cereal brand and has never lost its position since.
It is wise to follow the example of Kellogg and take advantage of gaps created by competitors who may decrease their spending or attention to key consumer groups during difficult economic times. Take a page from the book of Kellogg and remain focused on achieving. The lesson learned is to stay the course and generate long-term brand value with consumers.
Elizabeth Bracken-Thompson is Executive Vice President and Creative Director at Thompson & Bender, the leading full service public relations, advertising and marketing agency in Westchester County, NY. Thompson & Bender has been serving a diverse group of businesses and organizations in the New York metropolitan area for the past 25 years.
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- Tagged Advertising, Elizabeth Bracken-Thompson, westchester
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