We have no crystal ball. Any good economist will tell you they can’t predict the future either. They are really good at explaining what has happened, which is why we turn to them for the best forecast for what may come next.
What we do know is the last recession ended in 2009, and the timing between the past three recessions have been between seven and 10 years.
It’s now 2019.
Before you batten down the hatches, this is not a time to cut advertising. Now, hear us out. We realize we’re in the marketing biz, but there’s some cold, hard truth here. During an economic downturn, people hunger for information. They are confused, angry and frustrated. Your brand’s tone and positioning – including the lack thereof – will influence consumer behavior.
You’ve worked hard to establish your mission, values and fundamental goals of service. Do you want a reputation of abandoning your principles when the going gets tough? Of course not. It pays to maintain open communication. Uncertain consumers are looking for reassurance.