Because the background noise is turned down during a recession and fewer companies are competing for your audience's attention, it can be a great time to rebrand your company or introduce new insurance products. (Credit: Jirapong/Adobe Stock)
Is the insurance industry heading into a recession? It's hard to say for sure, although experts have certainly been discussing that possibility in recent months. Nobody can tell the future, but economic slowdowns inevitably do happen – and you never know when you'll have to face the next one.
When recessions hit, many companies tend to scale back on ad spending. After the recession in 2008, companies reduced their ad spend by 13% across the board. However, reducing efforts to generate new revenue often exacerbates the effect of a recession – and ultimately, the effect on your business.
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