Well, it is over and the real work begins. This has been a remarkable time for our business, for our nation, as well as the world. It has been an extreme time, as we watch the promise of a new year deteriorate into cancelled projects, whacked client budgets, and uncertain futures for businesses like ours. However, our experience is not unique, many American businesses and global businesses are faced with the same thing.
This is our new reality, and after listening to the new President’s inaugural address, it is most likely going to be worse. Welcome world to a new era of global sobriety. No more living on the credit cards, bottle service in the club, $5,000 Gucci handbags, home equity loans, etc. etc.
As marketers, we must face this new world of lower expectations, lessened consumerism, and consumers who are challenged to make ends meet. How are we to live? Or thrive even? Here is what is important for strategists, and marketers to consider:
1) The economy is not going to bounce back soon
2) Lower priced CPG’s will reign, and private label will surge
3) Branding advertising campaigns will lessen in importance, BTW, Pepsi just wasted millions of dollars on their new Happiness campaign!
4) Agencies who focus on direct, grassroots marketing, internet, CRM, and expanded niche markets will do well
5) Madison Avenue and The GOP must retool or they will die, non-diverse organizations will look out of touch in this new era.
6) You must really think globally and understand different cultures
7) Get comfortable doing business with the Fed as they will be the BIG spender these next few years
8) Don’t be selfish, the era of individualism and greed is over too, Gen Y has helped us understand collaboration better
9) Reward creative people. What better time to be creative than now. Be creative!!
10) Finally, this goes to my Latin American, European and Australian brothers and sisters, challenge yourselves to be like America and give YOUR immigrant groups, African descendents and indigenous people equal opportunities in business, advertising and media representation. America should not be the only example of success when it comes to equal opportunity.
We welcome your comments. Please post them!