Marketing is often first on the chopping block during a recession, and with GDP contracting two quarters in a row, retail marketers are working hard to determine how to make each dollar go further. Many organizations will cut marketing spend in a bid to preserve margins. But research shows slashing marketing programs can undermine revenue and does not necessarily protect profits.
More optimistic retailers will not pull back on spend and let their competitors steal their customers’ attention. But they will adjust their strategy, taking concrete steps to boost basket size, steal market share and remain top of mind for shoppers.
