The dreaded “R” word has been on people’s lips for months: Are we headed for a recession? One thing’s for sure — the economy is in bad shape. Consumers are spending less, houses are losing value, and the stock market has seen drastic drops. Advertising Age recently published a great article that takes a look back in history at the recession of the 1970s. Interestingly enough, the following are quotes from Ad Age back in October through December of 1973: “Consumer pessimism is more widespread than at any time in the past 25 years, according to the latest consumer attitude survey.” “Now that the crisis is here, there is a sudden frantic effort to visualize its implications. … Government and business seem equally unsure.” “‘Our clients just don’t know what’s going to happen. We’ve never seen anything like it before.'” Any of those comments hit close to home right now in 2008? The article offers tips for media and advertising agencies on how they can learn from the past. Suggestions include:

  • Go for both the short-term and long-term win
  • Look for the big picture
  • Grow stronger through innovation

To read Ad Age‘s full article, including more tips and advice on how agencies should best implement these suggestions, click here.