Wharton is one of the most prestigious business schools in the world. And now you have an opportunity to hear how Wharton marketing professors think you should market in these recessionary times.
We are delighted to present a podcast of an article entitled, “When The Going Gets Tough, The Tough Don’t Skimp on Their Ad Budgets.” Here are just a few things you will learn from the podcast.
- Professor Peter Fader says companies that slash advertising leave empty space in consumers’ minds for aggressive marketers to make strong inroads. Today’s economy provides an unusual opportunity to differentiate yourself.
- Professor Leonard Lodish notes that with demand for advertising down the cost of advertising goes down making it more defensible.
- Companies that consistently advertise – even during a recession – perform much better in the long run.
- A McGraw-Hill Research study of 600 companies through the 1981-1982 recession showed companies that advertised aggressively had sales 256% higher than those that did not continue to advertise.
- Focusing marketing messages on Price only works for firms known for low prices – like WalMart.
- Value is an important message to build into marketing campaigns during a downturn.
- Luxury marketers should include an emotional appeal in their messaging.
The final point in the podcast is my favorite and it has to deal with integrated marketing. Professor Fader says this recession will offer marketers an opportunity to integrate their marketing programs better and those who already are well-integrated will start to see some of the benefits.
Listen to “When The Going Gets Tough, The Tough Don’t Skimp on Their Ad Budgets.” It only takes 12 minutes, but as a hospitality marketing professional it will be worth the time.
Let others know what you think – post a comment. Safe travels – Madigan