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Smarter Opportunities
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Innovate in a Recession? Yes
It Can Be Done: If Anything, the Economic Downturn Creates a Unique Opportunity for Marketers
By Hal Fass Published: February 25, 2008
Since the Dec. 10 editorial in Advertising Age recommended "Your Job For '08? Forget the Recession and Innovate," it's become pretty clear that it won't be "if" we go into a recession, but "when" we go into a recession. Certainly, the underlying message of the catchy headline remains worthy of your attention, especially when it asks you to consider the great brands born in recession years, such as FedEx, People magazine and iPod.
However, even in good times, the process of innovation can get bogged down in bureaucracy and overall resistance to change. When a looming recession is on the horizon, with the accompanying belt-tightening and spending cuts, the risks associated with innovation seem to magnify, often leading to innovation paralysis.
And that's just looking at it from the marketer's perspective. What about consumers? Their confidence in the economy is falling lower and lower. They're worried -- about their jobs, about the value of their homes, about the cost of gasoline. And it all takes its toll on how much they spend and plan to...
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Boost in Home Improvement Advertising
A combination of the slumping housing market and favorable pricing on local television stations is giving the spot TV market a boost, just when it needs it.
Several categories posted sharp increases over the year earlier period, notably furniture stores and home repair services, which are aggressively advertising as the housing market takes a nose dive. Many homeowners are staying put as home prices wane, choosing to fix up the houses they’re in rather than buy new ones.
Several categories in the first week of the quarter were up from the same time in 2007: Fast-food restaurants were up 14 percent over the year-earlier period, ranking No. 1 among all advertisers with 105,000 commercials. Full-service restaurants were up about 29 percent, to 28,000 units. A few automotive subcategories were also up, including dealers, which rose 4 percent and ranked No. 3 with 59,000 commercials. Also up were pharmaceuticals, cable TV and satellite TV and political campaigns.
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Cox E-Rewards Opens Doors