Watching the non-story of the current recession unfold in the press has been slow-drip torture. Can we all please just agree that we are in a recession and get on with it? If there are any remaining economic indicators that say otherwise, please raise your hand.
Economists seem to agree that the primary engine of the economy is consumer confidence, which is largely a psychological factor, is it not? Then consumer confidence can only be eroded further by another 6 months of are-we-or-aren’t-we, as opposed to buckling down and getting through it. The problem, of course, is that news cycles and economic cycles move at very different paces, and the need to fill 24 hours of financial news with economic predictions helps fuel the hysteria, albeit a low-key, slow-paced, tremendously dull hysteria.
All of which has nothing whatsoever to do with the real purpose of this post, which is to gloat about how online marketing, which was effectively blown to bits by the bursting dot-com bubble in the last recession, seems poised to weather this one just fine, thank you very much. Somewhat premature but still compelling data from a Marketing Sherpa survey shows a trend we’re fairly confident will continue to hold up: marketers are actually shifting budgets toward online as the most efficient and measurable channel during the downturn.
Watch for further updates from the cat-bird seat as the situation develops.