Interesting fact about recessions – they end.
In our practice, most of our clients have been hit exceptionally hard in ’09 due primarily to their ties to the construction market. Some have opted to cut spending and ride out the storm. Others have reduced their budgets, but have continued to launch new products and support existing ones. It’s gratifying to see those that continued to promote themselves gained interest, inquiries and sales even in this downturn.
According to Industrial Supply, housing starts were up 2% in July. This was the 5th consecutive increase. Building permits for future projects climbed nearly 8%.You can read the entire USDH report here.
Here’s an interesting fact from some recent research from the Kauffman Foundation – More than half of the Fortune 500 companies were launched in economic downturns. For marketing purposes, if you don’t currently have something in the pipeline, this year is done.
All economic data indicates that the worst is over and we should start seeing an uptick as quickly as the 4th quarter for some industry segments.A recent online survey by StrongMail of 979 business executives in various industries show an optimism about the economy. The survey indicates that 85% are planning to maintain or increase their spending for the remainder of the year. But enough about ’09.
Yes, soon the trend lines will start to go up, but not as sharply as they came down. B-to-B marketers need to look forward and should be starting to crank up their plans for ’10. Inventory levels at distributors are at their lowest levels in years, and manufacturers need to be ready to respond. Spend smartly and monitor what you do. Try something new. If you haven’t added social media to the mix, consider it for ’10. Do something! There are contractors out there buying stuff!