James Gregory - CEO CoreBrand
In previous recessions, the marketing communications field and related practices (advertising, public relations, brand consulting, etc.) were frequently crushed, while the financial sector remained comparatively unscathed. This time things seem to be different.
Marketing communications has traditionally been a bellwether for changing economic conditions. As clients gradually began to cut back their marketing budgets, I always found it a good idea to liquefy a percentage of my stock portfolio recognizing that a recession was not far behind. Conversely, it seemed that my friends in the financial industry would simply expect slightly smaller bonuses during a recession than in the previous year.
This recession, however, seems to be different because our clients have not been reducing their budgets. In fact, they are taking our advice and increasing their marketing budgets (I am knocking on wood as we speak).
It also seems that the financial industry is taking the well-deserved brunt of this recession I want to cheer but only a little because there is no doubt that a deep and protracted recession in the financial industry will ultimately impact all industries especially marketing communications.
Delia Passi
Ellen Butler
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