Think Long Term
Re: Promotions that Work in a Down Economy (December 2008)
It’s actually quite cut and dried if you look at it. In the short term, marketers and retailers may think that reining in the purse strings is the most efficient move. But as in all other aspects of the economy, it pays to think long term — especially when you factor in that the consumer’s attention is harder to grab.
In the beginning of this current “recession,” all the word of mouth echoed the same voice: “Cut back on promotions” and any advertising expenditures overall. Now we are slowly but surely seeing a trend developing — people are seeing the data, and the data speak volumes. Spending a bit more, when done prudently and creatively (e.g., direct consumer marketing/sampling events) equals higher sales and overall gain. It is completely normal to be squeamish about this approach at first, but you can’t argue with the logic — or the numbers, for that matter.
Andrea Hammel
President and Owner
Premiere Talent USA
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