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As marketers struggle with this recessionary economy, history might be able to provide a lesson or two in terms of how to survive and create opportunities for growth. Our president-elect purportedly is looking back at history, including Franklin D. Roosevelt’s management of the Great Depression, for inspiration to deliver on his winning “change” proposition. And while FDR might have a few lessons for Obama, I also think there are some strong reasons why your brand should take a look at our thirty-fourth president for tips.
The current economic crisis with its near collapse of the financial markets and consumer sentiment is the type of perfect storm that comes once every century or so, making it normal for us to look back at the handling of the Great Depression for guidance. That watershed moment in our nation’s history also witnessed a near collapse of our economic system as well as the public’s trust, allowing FDR to motivate the country around his winning 1932 campaign proposition of a “New Deal.”
What made the New Deal unique and noteworthy was the acknowledgement that the tough circumstances facing the country required a drastic reassessment of how things were done, primarily through stronger government intervention. And while the New Deal’s basic tenets provide eternal fodder for the rich and heated debate around our government’s role in the economy, its lasting impact is with us today.
I propose that, despite the economic and political interpretations of the program and its merits, we look at its key lesson of FDR’s government reengineering to address what is undoubtedly a new day in consumer perception and, hence, in marketing
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