Best way to survive another recession

I started my second agency (WWAV) just after the Eighties’ recession that ended around 1982. You couldn’t keep up with the work. As Thatcher’s theories were put into effect, consumers ran out of cash and advertisers turned to the magic of direct mail, where you could see real business flowing in.
Then came the 1990-2 recession under (co-incidence?) another Tory, John Major. Tough times but the agency was once again prospering, although the dominance of mail was giving way to TV and other media.
Now just as we thought we were coming out of the latest, it feels horribly like we’re going back down (surely not another co-incidence?) under Clegg and Cameron. Even if we avoid the technical two quarters of negative growth, it’s grim on the high street. So once again, us humble direct marketers ought to do well, even though we’re now doing this interweb thingy besides the proper stuff.
When times are good, money goes to big brand commercials. When times are hard, it comes back to the gritty artisans who make consumers actually respond. Or does it? What makes DM compelling, on- or offline, remains the accountability. Spend £1 with us, we’ll give you £1.20 back. But it needs to be Ronseal marketing, and if we don’t do what we say on the tin, then they’ll pass us by.
Take a look at the big retail brands. Count the promotions, even in splendid emporia such as Marks & Sparks (how about the Valentine’s Day promotion on food?), Waitrose (the Essentials range) and even the darling of Hampstead housewives, Ocado (with its Tesco price promise). When you’re battling for the pence out of the purse, you need to be simple, straightforward, and not ashamed to shout about value.
Some years ago a new small agency called Saatchi & Saatchi opened its doors with a splendid press ad declaring, “Why it’s time for a new kind of advertising”. Am I alone in thinking that as recession bites yet again, it’s time for an old kind of advertising – the one that actually works?

John Watson is managing partner of Watson Phillips Norman