Harnessing the ability of name expertise in a recession

It can be tempting for brands to halt their marketing spend in an economic downturn. Yet a better approach would be to invest in the wider brand experience, says Wolff Olins’ Wayne Deakin

Branding is how a business connects with its customers. It embodies a product or service’s unique values. Done right, it’s more than a logo or visual identity – it is an experience that creates trust, a bond with the customer, and loyalty. Which is why in a recession it is critical to invest in brand experience done through the lens of brand building.

In a recession, the first thing businesses tend to do is take a hatchet to their marketing budget, history tells us – despite the evidence that those who continue to invest during an economic downturn come out stronger and more competitive, while those that don’t are at risk of fading away.

Which is why now, as the cost-of-living crisis deepens, if a business is to plot a stable course through choppy waters it must swap the guesswork of the hatchet for the precision of the surgical knife. This means prioritising the thing that galvanises trust with your primary customers – the customers whose loyalty you can’t afford to lose: brand experience.

Sign in