It’s Sunday evening. JP Morgan just purchased Bear Stearns for $2 a share. A 97% of devaluation since stocks started trading Friday last week. And this seems to be just the beginning: foreclosures are still on the rise, more people will join the unemployment line and there are certainly numerous financial disasters looming in the future.
Advertising seems to be one of the few industries that is chugging along – business as usual. But the winds of change are evident everywhere we look: People are cutting back on non-existential purchases. The credit card ride of the 90’s and first seven years of the new millenium is offcially over. These societal changes will carry over to the corner offices of all businesses.
Each line item of advertising/marketing budgets will be reviewed, questioned, re-reviewed. And many dollars will be kept as cash to be ready for even worse days. Many of us have been through these times in 2000/2001. If you thought those times were bad, think again. The current economic crisis will stay with us for years to come. And that’s the best time to make your case for Social Media/Conversational Marketing.
Both will be able to stand out as a shining light in the darkness of declining ROI’s and overvalued media buys. Social Media and Conversational Marketing are the future of marketing. Now is the time to make our case and help businesses through these treacherous times.