Commentary
We Do Our Best Work In A Recession!
- by Cory Treffiletti , Featured Contributor, January 7, 2009
I got started in advertising back in 1994 and 1995, when the pundits also said the outlook was grim, but along came the Internet and opened a whole wide world of opportunity for those of us with some foresight and a little tendency toward risk. A company called i-Traffic became one of the early agency success stories -- and off we went! Then the bubble burst back in 2000 and our little corner of the world went "pop" again, all except for another agency success story called Freestyle Interactive. Now it's 2009 and things are once again looking grim -- but once again, I smell opportunity, and it's got me pretty excited!
Challenges are also opportunities; in order to succeed, you have to have the right attitude. A down economy means that people are looking for new, innovative ways to achieve the success they had when things were easier and simpler. It's easy to build a brand when you have lots of money to spend, but how do you build a brand when the money dries up? It's easy to spread a message when you can afford to pay a small army to evangelize on your behalf or when you can buy ad placements and achieve a 75% share of voice, but fewer dollars translates to more creativity and more innovative ideas; that's the opportunity we have again today.
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It can be a hustle, and not everyone is built to hustle. You have to be willing to fail and hear the word "no" a lot. You have to be willing to break some eggs to make that omelet and you have to be capable of picking yourself up, dusting yourself off and starting over. These are all clichés, but clichés exist for a reason: they are all typically tried and true.
In a down economic climate where ad spending is in jeopardy, better deals can be negotiated and your dollar can go much further. The current outlook suggests that CPMs may still fall, or at the very least stabilize. They will not increase this year, and if you have money to put into the marketplace then you can negotiate some very interesting deals on behalf of your business. Additionally, you can negotiate stronger bonus weight, more integrated special opportunities, and even free months' worth of activity, thereby extending a campaign or filling in continuity efforts. These are very effective strategies for supplementing your standard impression buys and driving effectiveness where you may not have been able to do so previously.
Most importantly, get beyond the money and get into the fundamental lines of communication. Marketing can be viewed very simply as making connections between a brand and its prospective customer. It can also be looked at as a means of providing a solution for an existing problem. This time of year we see all sorts of ads running as solutions to your standard New Year's resolutions (getting in shape, saving money, learning a new language). There are many ways to reach that prospective customer that don't require a substantial ad spend, but rather a focus on non-paid or even non-standard paid media to meet the needs of the customer. Use Twitter and conversational media or use video in a new and interesting fashion! Think of the power of integrating an ad done by the host into a show rather than the standard companion ad that may or may not be seen.
Everyone thinks they know what's going to happen in the next few months -- but the truth is, they have absolutely no idea. I say that you should stop listening to people like me proclaim that we know what ad spend is going to look like -- and instead focus your attention on how you can become more innovative. If you stop reading and start acting, you'll probably do your best work. I know that's my plan, and it's proven to be successful in the past!
Here's to 2009!
Recessions end when optimism reigns, so it's great to read a post like yours. Recessions are NOT altered by "stimulus packages" or "government outreach". They are altered by behavioral pattern changes in spending/saving/productivity.
When people recognize challenges as opportunities, and start taking advantage of those opportunities, recessions end. Joseph Schumpeter spent many pages discussing the role of the innovator and entrepreneur in the economy, and this is precisely the kind of economy that innovators and entrepreneurs thrive in!
I never look upon a recession as a "bad" thing. They are necessary as part of the cycle of economic development. They cannot be planned or managed at a macro level, they must be worked through carefully at a micro and individual level. The story of the grasshopper and the ant is famous for precisely this reason (but I doubt there are many people under the age of 40 that could tell you that story today!).
I'm glad to see more articles like yours popping up. It proves the recession IS ending, and more people are going to start realizing things aren't as bad as they previously thought.
I couldn't of said it better myself! Thank you for sharing and now I'm going to get to work!
Great Post Cory! Finally someone speaks on a positive note. The fact is the best talent survives challenging times. The best clients are earned during challenging times, The Best Startups have started during challenging times. These Doom and Gloom articles are just ridiculous. The opportunity for the business we are in is incredible. The sky is the limit, during good times and challenging times You are right. Its all about attitudes. I believe we show the door to anyone in our space with a negative attitude. Their is just too much opportunity now. the 11 years I have been in the online space, we have had ups and downs. Each and every year I have enjoyed more the the other. The Bubble Bursting years were not bad at all. We get stronger and stronger and learn more and more. People must understand, we are still in the 1st inning and all of us have alot of game to play.
Regards
Dh
<b>Go Cory!</b>My 2009 motto: Much Work = Much Reward. I recognize this next year will be difficult for many folks. But 2009 is an awesome opportunity for new ideas and new income building. I'm excited! Thanks for speaking up with good insight.
Couldn't agree more! Though many are worried, all that a 'downturn' really does is encourage innovation, creativity and new thinking. This is something that should be happening anyway.
Just like you, Corey, we at G5 are looking forward to a great 2009.
Love this article! Our company which actually sells advertising is already on the creative thinking bandwagon. We create branded shows with the sponsors directly integrated in our shows and it's been a great success. I think the biggest ideas can come out of limitations, let's challenge ourselves, think outside the box and make 2009 a year of success!
Cory,
Bravo! That's the attitude to have. Against all the hype, I have felt the same optimism. I'm kind of jazzed about the challenges ahead.
Regardless of all the negativity around you, the one thing you do have control over is your own attitude and how you choose to deal with the cards that are on the table.
I always choose to choose the positive.
For all the naysayers who prefer to whine and complain --
time to "Man-up"!
Great piece, Cory!
Excellent plan, Cory, although in these unprecedented times it would be wise to have a plan B and C.
Very nice. The two concluding sentences would have worked as the lead, too!