What can be difficult is investing the dollars needed to promote properly. Also, it can be hard to sell the brand image that you may feel best fits the product or service. Not everyone feels the same way about a brand, people perceive things differently, and thus, you must have a clear idea of your demographic. Surveys and focus groups can help here.

Good post,

- @johnelincoln

You don’t.

This is an interesting point and true , as my bro always points out in a recession people need to sell more hence advertise more which means they need to hire designers .

A point I dont think is covered enough .

How do you go about creating a brand before you know what the consumet thinks about it?
I ask because you obviously know your branding ;)

See my response above regarding Ben’s comments. As far as changing practices during a recession, you make a good point and I counsel my clients to stay the course whenever it makes sense. There are times, both in a recession and not, when it makes sense to alter your plans. Recessionary times can present opportunities for growth in share that one might not have during better times and actually contribute to reaching your long-term goals. And then there is the CFO to consider. Sometimes it is just not politically feasible to stay the course, no matter how much sense it makes. The key is staying true to the brand, and remembering that the brand is not what we want it to be, but what the consumer thinks it is.

I understand what you’re saying. But I would have to argue that “luxury brands that charge what they like … and have …. brand loyalty so strong… that … competitors don’t even come into the equation” aren’t commodities at all. They are highly differentiated brands in the minds of their loyal customers.

As for charging what they like, that is true – up to a point. There is a price point for every brand where their loyal customers will trade down/away. Recession or not.

A recession is a temporary situation, even in the worst case scenario. If you had good operational and marketing practices, a strong brand presence, and a strong brand loyalty by providing quality products and services, there is no need to deviate to deal with the temporary state of the economy only to undermine your long term goals.

I’m of the opinion of taking a hit in profits this year, while still retaining my operational and marketing abilities so that I don’t loose momentum when the economy revives.

i have to disagree mark- there are luxury brands who charge what they like – they dont even care about recesions because their clients have such high incomes –

the brand loyalty is so strong and brand so exclusive and luxury competitors dont even come into the equation