As the industry enters a more bearish cycle, and talks of a possible recession remain looming, it is important to focus on the positives. Forbes published an article back in 2019 titled “When A Recession Comes, Don’t Stop Advertising.”10 This article sums up nearly a century worth of data specific to bad economies (including the Great Depression). The study indicates those who pushed forward with advertising during these times saw the most success. A specific mention of Amazon during the 2008 recession was mentioned, who grew profits more than 28 per cent in 2009. Indeed, in the April 2010 issue of Pool & Spa Marketing, Dana Simpson from The Pool Shoppe, in Hamilton, said: “In talking with my peers at various shows, those of us who maintained or were able to increase sales in what was supposed to be a weak economy, did so because of an increase in advertising.”11 The typical mindset during a recession is to pull back, which may equal a smaller advertising budget. This creates an opportunity for more aggressive businesses to expand into this market share, previously held by their competition, as demonstrated by brands in the aforementioned article.
The most interesting variable moving forward will be the role of social media during the next recession. A smaller advertising budget no longer means a decrease in marketing, but rather, a more tactical approach.
The power of video
Throughout this article, the focus has been on creating awareness around video and how valuable it can be for businesses, even those with a small marketing budget. The quality of the video does not have to be cinematic. In fact, the more raw and real, the better. People have become accustomed to the styles of traditional advertising, which is why many reach for their phones at the slight hint of an ad (or feel disdain whenever they cannot “skip” the ad on their phone). This is where the enormity of understanding social media comes into play.
The most powerful example of why businesses need to focus on leveraging social media videos can be found with the cranberry drink company, Ocean Spray. This company has been around for more than 90 years, and with nearly a century of ad campaigns, the single, most successful one came at the hands of an American potato farmer. This random guy shared a video of himself skateboarding down the road, listening to Fleetwood Mac, drinking a bottle of Ocean Spray cranberry juice. This video went viral, generating significant attention for the beverage company. Even Ocean Spray’s CEO took notice and various people recreated their own version of the video to help spread its popularity. Eventually, Ocean Spray rewarded the potato farmer with a new truck.12 With millions of views, Ocean Spray saw a massive influx of sales as a result. This campaign incurred no cost, relied entirely on organic reach, and surpassed any advertisement the company had undertaken in its nearly century-long existence. Such is the impactful potential of video.
