Black Friday – the day the stock market crashed and the Great Depression began.
Thousands of businesses closed. Unemployment hovered between 20% and 25%. Soup kitchens were everywhere.
And yet some businesses not only weathered this economic downturn, but prospered.
Rather than cut back on marketing, Proctor & Gamble pumped more money into radio broadcasts, sponsoring a slew of live drama series that came to be known as “soap operas”.
Floyd Bostwick Odlum sensed the crash and sold all his stock in time. He used the money to buy up failing companies for pennies on the dollar, consolidating them and spinning their assets for more cash.
Money spent on entertainment disappeared, so the movie industry offered tickets at 50% off and two features for one ticket. They gave away premiums like a dish or a piece of flatware to theater attendees – a true continuity program.
Breweries, already hard hit by Prohibition, diversified and bought dairies, sold meat and got involved in other agricultural enterprises. They also promoted non-alcoholic ginger beer, a popular beverage during the 1930s.
The lesson to be learned here is that even during tough economic times, innovative businesses can apply certain strategies to strengthen and actually grow their companies.
Our upcoming No BS Marketing Meeting on Tuesday, August 29th from 3-5:30pm will show you 8 tested and proven strategies that work regardless of the economy.
Can’t wait to see you there!
PS. Please share this with other business owners who you think could benefit from this info! I love helping business owners take their business to the next level! And I would appreciate you sharing the information!