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Recession Marketing : New Trend for 2009

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For my project I chose to do Recession Marketing, currently we are in a recession and I thought it would be a great topic that’s affecting us right now. Due to the economic downturn many businesses don’t have as much money to put towards the marketing of products and there business, and because of this businesses are coming up with alternative more efficient ways to get their name out there. The recession marketing trend is currently being used in a lot of different ways. It all depends on the creativity of a particular business, and which medium they want to use to attract customers.Many companies believe they need to cut prices to compete during a recession, which is false. You do need to ensure your total value proposition is better than your competition. Alternatives to price-cutting include loyalty or reward programs, introductory discounts or offers, or "upgrades" without increasing the price. You can also provide value-added services like a newsletter or educational seminars that have a high perceived value but have a relatively low-cost. Consumers look for an emotional payback from their purchases, and this can be even more important during times of high stress. This trend is being used by almost every business out there, and here are two example of this which I found to be the most interesting. The first one I found was being done by the SEA LIFE London Aquarium, they ran a (close to) zero-impact advertising campaign in the streets of London . They use natural materials to build brand awareness for their clients. This form of advertising is called 'sea tagging', they spray seawater through custom-made stencils, and the graphics are visible for 5–15 minutes. Another interesting example of this is Flogos, which are flying foam logos that float through the sky. It was created by an Alabama special effects company called Snowmasters. The Flogos are available in 12-, 36- and 48-inch sizes, Flogos can travel up to 30 miles and float as high as 5,000 feet, depending on their formulation. Most last from 30 to 40 minutes, after which time they evaporate without a trace, making them completely environmentally friendly, the company says. Flogos customers have included Lindt chocolates, the California Angels, Disney World, Mercedes-Benz and Sheraton Hotels & Resorts, just to name a few. Even though the recession has negatively affected many businesses, I feel that they have gained a new sense of how to reach their audience in a more efficient way. From this experience businesses are learning how to use the internet to advertise; social sites such as Facebook and MySpace. They also use other unconventional marketing tactics to engage and capture people’s attention, like the examples I mentioned earlier.