Are Woodworkers Recession-proof?
They say, YES! For many of us (marketers that is), the current economic conditions are both good news and bad news. How so? The fear of a recession has caused many companies to consider tightening their marketing budgets (that’s the bad news), making it much more difficult for them to successfully compete. But the good news is, we have found a silver lining. Recently, I was reminded of a brilliant advertising strategy employed during the Great Depression, developed by a well-known cereal manufacturer. They continued to promote their brand while all of their competitors were cutting back. This strategy was based on the realization that while spending may be down, consumers are still reading advertisements, planning purchases and developing brand opinions. Ultimately, this led to category supremacy, which the company continues to hold today – 75 years later. While different times call for different measures, there is a similar opportunity in the woodworking market today. According to our
