Marketers Get Creative in Down Times

â–¶ In Recessive Times, Marketers Prove Progressive: The economic turmoil is prompting marketers to implement many short-term strategies, says a report released by the Association of National Advertisers. The study found that 47% of marketing professionals plan to use special pricing deals to facilitate business, with 26% planning social networking and WOM ventures and 23% planning PR efforts. In addition:

• 73% of respondents said they would ideally implement increased marketing activities three to six months before the recession ends, and an additional 16% as soon as it ends;

• Media budgets are being reduced by 56% of marketers;

• Products are the most important factor in building brand equity (89%) with customer service ranked second (86%);

• Customer conversion rates were at 78% in 2008, compared to 70% in 2007; and,

• Of the traditional media channels that have declined in importance since 2007, television was down most, dropping from 80% to 64%.

Source: Association of National Advertisers