Inevitably the focus changes during a recession, and especially so during what some friends now refer to as TGR - The Great Recession. There is lots of material around at the moment; the most recent from the erudite Joel Rubinson Marketing in a recession; people rethink what value means - here.
The article by John Quelch on how CMO’s should function in a recession includes two areas of particular relevance:
“Shifting consumer behavior. The recession has induced dramatic changes in consumer attitudes and behaviors in many categories. Companies need updated consumer research and revised approaches to customer segmentation. The CEO needs a CMO who understands the company’s brands and consumers (and their comparative profitability) to recommend needed changes in customer targeting and brand messaging.
Embracing digital. Rather than avoiding Internet advertising, now may be the time for many companies to experiment further and advocate more of their budgets to search advertising, banner advertising, or motivating user-generated content through a branded website. Only the CMO has the expertise in the C-suite to recommend how to proceed.”
Here is a recent compilation of economic data by Nielsen:
I think it’s time when all researchers, not least qual researchers, need to step up to the challenge. To requote Charles Frith again - these are ‘profound times.’ Clients are facing extraordinary challenges, and if we believe that insight makes a difference - this is when it is needed. Of course, insight exists within a business context which is why this presentation on innovating business models is a useful read.