Recently, our Media Team did a deep dive into the question, "How do you approach advertising in a recession?" We're not technically in a recession and no one seems to be able to agree on what that definition should be, but hey, we are planners. We've also recently weathered the uncertainty of COVID with our clients and continue to help navigate the ever-changing media landscape of reduced audience targeting capabilities (increased privacy regulations), increasing ad fraud, and the challenges inherent to walled gardens. Basically, we question everything and root our strategies and data and experience! Here are three things we recommend when considering the current economy's role in your media strategies.

Our overarching recommendation? Don't. Panic. You're not the only brand facing challenges during economic uncertainty. If you handle the situation better than your competitors do, rational behavior in the face of uncertainty can become a competitive advantage. Avoid making dramatic cuts or pauses as a reactionary approach unless budget-saving options are absolutely necessary. And as always, tailor your approach to your business and consumers!

Here are three things to remember in order to stay cool as a cucumber

#1 Assess the risk within your category or vertical
Is your category on the chopping block for spending? Dining out, clothing, toys/hobbies/gifts, travel, and entertainment have recently been reported as categories where consumers are cutting back. If this is not a primary opportunity to double down on short-term action, it's still important to continue to maintain your brand share of voice (SOV) for a longer-term impact. In fact, it might be a prime opportunity for brand building as there may lower competitor SOV and potentially lower rates. If a budget reduction is absolutely necessary, avoid making changes so deep that your SOV falls below acceptable levels.

#2 Empathize with your consumer and adjust your content strategy
How is your specific audience impacted by the economy? This should always be monitored, but especially so in times of economic downturn. Assess your messaging strategy and align your goals/KPIs accordingly. Remember that a CPG consumer's buying behavior may change at a different rate than that of a luxury good consumer.

#3 Monitor shifts in media behavior and adjust strategies where needed

Learn how your audiences' media habits are changing due to the economy, as well. Lower spending on entertainment and dining may mean more time at home and time with TV and mobile devices. If your audience cuts back on spending on media subscriptions — understand that and assess how that will impact your mix.