For months now I have been advocating that now is not the time to stop planning strategically, conduct research, or decrease advertising. In fact, I have even stated on several occasions that those companies who continue to progress, will be the market leaders once the recession ends.
I am reminded of a study McGraw-Hill conducted during the last major recession (1980-1985. The study indicated that those companies who continued to advertise aggressively experienced a 256% increase in sales. That is significant.
Those companies that decreased advertising during that same period found that not only did sales drop dramatically, they had to work 2.5 times as hard and as fast once the economy improved, just to get back to where they were before the economic downturn.
In fact, when presence in the marketplace is decreased for 2 years, 40% of the targets don't even know you exist.
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