Recession is the right time to push forward change.
With COVID-19 recession likely to disrupt marketing, brands must move purposefully and intentionally to engineer new thinking and ideas to leverage sudden changes in consumer behaviour. Recession times could potentially put first-mover challenger brands that push boundaries at an advantage.
Nick Geoghegan of eatbigfish explains that these brands have an “obsession” with changing category in their image and they push the category forwards no matter what the “forward” is. Incumbent brands could succeed as they’re big, dominant and hard to push around.
Netflix, for example, shifted from DVD rental business and adapted digital streaming back in the 2008 global financial recession. The author contends marketers should understand new consumer behaviour caused during lockdowns and find opportunities to capitalise on it.
[2 minute read]