Recession talk....I guess it's not "if" anymore, but how bad is this one going to be?  Recessions are scary words, but in reality many actually thrive.  The current credit crunch is hurting everyone in the mortgage and real estate industries, but like any market in the past, it will rebound eventually.  The damage however will be felt by everyone, and naturally people spend less during recessions.  So how do you get more loans or real estate deals during these times, the reality is you may need to spend more to acquire more deals.

Interesting quote I found while researching business to business sales....

In a study of U.S. recessions, McGraw-Hill Research analyzed 600 companies covering 16 different SIC industries from 1980 through 1985. The results showed that business-to-business firms that maintained or increased their advertising expenditures during the 1981-1982 recession averaged significantly higher sales growth, both during the recession and for the following three years, than those that eliminated or decreased advertising. By 1985, sales of companies that were aggressive recession advertisers had risen 256% over those that didn't keep up their advertising.

In analysis of the 1990-91 recession, Penton Research Services, Coopers & Lybrand, in conjunction with Business Science International, found that better performing businesses focused on a strong marketing program enabling them to solidify their customer base, take business away from less aggressive competitors, and position themselves for future growth during the recovery.

A series of six studies conducted by the research firm of Meldrum & Fewsmith showed conclusively that advertising aggressively during recessions not only increases sales but increases profits. This fact has held true for all post-World War II recessions studied by American Business Press starting in 1949. 

One major business-to-business advertiser summed it up best. "When times are good, you should advertise. When times are bad, you must advertise.

Granted selling loans or homes are not the same as selling widgets to other businesses, but advertising and branding are even more important during troubling times.  Furthermore, you have to be BETTER then your competition, and you need to make sure potential new clients know that your the Best.

Finally, if you've relied on referral business as your main means of marketing new business, you may want to modify this process to a certain extent. Reality is that you going to have to increase exposure in your market to your brand name, and that may require you doing something outside that box that has worked in the past!

Anyway, thought this information could be helpful to some of you in our industry....