{"id":4532,"date":"2023-02-16T01:05:27","date_gmt":"2023-02-16T01:05:27","guid":{"rendered":"https:\/\/www.promotionproducts.com.au\/blog\/?p=4532"},"modified":"2023-02-16T01:05:28","modified_gmt":"2023-02-16T01:05:28","slug":"promotional-products-economic-downturn","status":"publish","type":"post","link":"https:\/\/www.promotionproducts.com.au\/blog\/promotional-products-economic-downturn\/","title":{"rendered":"Marketing During An Economic Downturn With Promotional Products"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The thought of an economic downturn is scary but it also presents an opportunity for many brands.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some of the biggest household names actually started during a recession like Slack, Groupon, Air BnB, WhatsApp, Instagram and Uber.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So what should your strategy be with marketing during a recession and where do Promotional Products fit into the mix?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Plan for the long term, survive the short term<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Say it with us.  Recessions don&#8217;t last forever.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The common knee-jerk reaction whenever an economic downturn hits is to gut marketing budgets and place freezes on spending.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And while it is a good thing to contain costs, cutting them indiscriminately could be harming your long-term performance.  Competitors who maintain their marketing budgets will happily take the unguarded market share left on the table and run with it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.bain.com\/insights\/beyond-the-downturn-recession-strategies-to-take-the-lead\/\">Historical analysis of the GFC and other recessions has revealed that brands that accelerated profitability<\/a> during a recession maintained that momentum afterwards.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-5.png\" alt=\"Graph of winners and losers after recessions\" class=\"wp-image-4533\" width=\"675\" height=\"381\" srcset=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-5.png 675w, https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-5-480x271.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 675px, 100vw\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Understand how customer habits change<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Understanding your customers is marketing 101.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Empathising with your customers and their change of habits will be key to creating an effective strategy during uncertain times.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than segmenting by age, location etc. consider grouping their psychological state:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Slam on the breaks<\/li>\n\n\n\n<li>Pained but patient<\/li>\n\n\n\n<li>Comfortably well off<\/li>\n\n\n\n<li>Live for today<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">See the table below about how these different segments&#8217; buying patterns typically respond to certain product categories.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"585\" height=\"518\" src=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-7.png\" alt=\"Table of consumer segments changing behaviour\" class=\"wp-image-4543\" srcset=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-7.png 585w, https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-7-480x425.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 585px, 100vw\" \/><figcaption class=\"wp-element-caption\">(<a href=\"https:\/\/hbr.org\/2009\/04\/how-to-market-in-a-downturn-2\">source<\/a>)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">This table offers some ideas to target each of these segments.  Even when purchases are eliminated from a category awareness advertising is still recommended.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"585\" height=\"573\" src=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-6.png\" alt=\"Tactic recommendations table for different customer states\" class=\"wp-image-4542\" srcset=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-6.png 585w, https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-6-480x470.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 585px, 100vw\" \/><figcaption class=\"wp-element-caption\">(<a href=\"https:\/\/hbr.org\/2009\/04\/how-to-market-in-a-downturn-2\">source<\/a>)<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Where branded merch fits into the mix<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Branded merchandise has many applications and offers some of the <a href=\"https:\/\/www.promotionproducts.com.au\/blog\/benefits-of-using-promotional-merchandise\/\">lowest costs per impression<\/a> of any marketing channel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They can be scaled to meet budget requirements and are effective at keeping an organisation top of mind when the time comes to making a purchase decision.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It also gives your organisation a sense of personability and conveys corporate stability.  But like any promotional product campaign, it&#8217;s important to choose products that <a href=\"https:\/\/www.promotionproducts.com.au\/blog\/purpose-promotional-products-campaign\/\">resonate with your target market and be purposeful<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-uagb-image aligncenter uagb-block-ded962b9 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-center\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/Promotional-Bucket-hat.jpg \" src=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/Promotional-Bucket-hat.jpg\" alt=\"Boy with red promoitonal bucket hat\" class=\"uag-image-4549\" width=\"\" height=\"\" title=\"\" loading=\"lazy\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Given tight budgets, corporate gifting may also be more appreciated than a standard cash bonus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A study done at a university library found that workers who received a water bottle were more productive than those receiving money of the same value.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is theorised that the act of carefully choosing a gift was a representation that employers or managers cared and this might be responsible for the increased productivity.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"340\" src=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-8.png\" alt=\"Gift vs cash graph\" class=\"wp-image-4546\" srcset=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-8.png 230w, https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/image-8-203x300.png 203w\" sizes=\"(max-width: 230px) 100vw, 230px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Summing Up<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Cutting marketing unnecessarily during a recession or uncertainty is like trying to save money on car maintenance during a road trip.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Just like a car needs regular upkeep to run smoothly a brand needs marketing efforts to keep it visible and relevant, especially during uncertain times.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s not to say your marketing budget doesn&#8217;t need to be looked at and tweaked.  It&#8217;s just a reminder to not sacrifice the long term because of short-term fear.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Historical data suggests brand awareness and share of voice or critical during uncertain times which is one of the areas in which promotional merchandise shines in your overall marketing mix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Contact us today at 1300 303 717 to speak with a branded merchandise expert who can work together with you to create merchandise that will keep your brand top of mind.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-915cb9e3 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/5429467.fs1.hubspotusercontent-na1.net\/hubfs\/5429467\/Sales%20Resources\/Promotional%20Products%20Buying%20Checklist-compressed.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" srcset=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/Claim-your-free-PDF-planner-2.png \" src=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/Claim-your-free-PDF-planner-2.png\" alt=\"Free branded merch checklist CTA\" class=\"uag-image-4544\" width=\"\" height=\"\" title=\"\" loading=\"lazy\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The thought of an economic downturn is scary but it also presents an opportunity for many brands. Some of the biggest household names actually started during a recession like Slack, Groupon, Air BnB, WhatsApp, Instagram and Uber. So what should your strategy be with marketing during a recession and where do Promotional Products fit into [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-4532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Marketing During An Economic Downturn With Promotional Products<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.promotionproducts.com.au\/blog\/promotional-products-economic-downturn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marketing During An Economic Downturn With Promotional Products\" \/>\n<meta property=\"og:description\" content=\"The thought of an economic downturn is scary but it also presents an opportunity for many brands. Some of the biggest household names actually started during a recession like Slack, Groupon, Air BnB, WhatsApp, Instagram and Uber. So what should your strategy be with marketing during a recession and where do Promotional Products fit into [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.promotionproducts.com.au\/blog\/promotional-products-economic-downturn\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog: Promotional Items, Marketing, Branding and Products\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-16T01:05:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-16T01:05:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.promotionproducts.com.au\/blog\/wp-content\/uploads\/2023\/02\/Recession-Promotional-Products.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Matt Boorer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matt Boorer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Marketing During An Economic Downturn With Promotional Products","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.promotionproducts.com.au\/blog\/promotional-products-economic-downturn\/","og_locale":"en_US","og_type":"article","og_title":"Marketing During An Economic Downturn With Promotional Products","og_description":"The thought of an economic downturn is scary but it also presents an opportunity for many brands. 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As part of the Promotion Products marketing team, he manages product catalogues and content, keeping brands up to date with what\u2019s new and what works. 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Some of the biggest household names actually started during a recession like Slack, Groupon, Air BnB, WhatsApp, Instagram and Uber. So what should your strategy be with marketing during a recession and where do Promotional Products fit into&hellip;","_links":{"self":[{"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/posts\/4532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/comments?post=4532"}],"version-history":[{"count":6,"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/posts\/4532\/revisions"}],"predecessor-version":[{"id":4553,"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/posts\/4532\/revisions\/4553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/media\/4548"}],"wp:attachment":[{"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/media?parent=4532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/categories?post=4532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.promotionproducts.com.au\/blog\/wp-json\/wp\/v2\/tags?post=4532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}