Final week, I tweeted choose slides from a presentation that I delivered to purchasers and to the Cell Dev Memo group in March 2020, on the onset of COVID, titled “Promoting Technique in a Recession.” Quite a few individuals requested me to share your entire deck, and I’m doing that beneath with a barely edited model. I eliminated dated references to COVID and up to date knowledge in some locations, however the content material stays primarily the identical. Click on the “full display screen” icon on the backside proper nook of the presentation to increase it.
Whether or not the US or international financial system enters a recession is anybody’s guess. However with a gradual drumbeat of layoffs and hiring freeze bulletins, it’s apparent that many shopper expertise firms are making ready for that consequence. As I level out within the presentation, promoting follows the enterprise cycle, however contractions in promoting spend are usually extra extreme and pronounced than modifications in actual GDP as a result of promoting budgets will be adjusted shortly.
For that purpose, promoting is among the first expense line gadgets to be adjusted within the face of an financial downturn. That reactivity might help an organization to protect valuable money in a deteriorating financial system, however it may possibly additionally steal income from the longer term: a extra productive strategy is adapting measurement and predictive analytics to new shopper spending habits and eliminating inefficient promoting expenditure. The aim of this presentation is to stipulate some ways for attaining that.