Marketing matters just as much, if not more, during economic recessions
In 2020, the longest period of economic expansion in U.S. history came to a grinding halt. Caught off guard by years of growth and record-breaking profits, architecture, engineering, and construction firms (known collectively as the A/E/C Industry) are now reeling and wondering how long the recession will last and how severe the financial impacts will be.
During the Great Recession of 2008-2010, many A/E/C firms made deep, devastating cuts into their Marketing departments. These 'cost-saving' measures caused waves of layoffs of marketing professionals across all job categories and levels of seniority. This type of extreme 'disinvestment' in marketing resources hinders a firm's ability to position its brand in the hyper-competitive landscape of a recession. To prevent this from happening again, we must understand the motivations and perceptions that drive firm financial decisions, and review some of the miss-steps marketing departments make when the tide goes out.
To do this, we explore:
How recession impacts the A/E/C Industry
'Firm psychology' and how it impacts Marketing departments
4 recession action steps to take immediately
10 Activities Marketing Departments Should Do Every Year to improve agility and strengthen team commitment and morale