How to not only survive but thrive during recession: a multi‐wave, discovery‐oriented study

Purpose – This study aims to investigate the marketing actions that companies performed during the Great Recession, and the resulting effect on firms' performance. The purpose is to discover what marketing actions companies performed, what was the impact to the firm, and why the actions taken either helped them to excel, simply survive, or cease to exist. Design/methodology/approach – The study uses a discovery‐oriented approach, consisting of a pilot study, a survey, field interviews and a focus group interview. Findings – The findings suggest that successful companies invest in current customer relationships by strengthening their key account teams and by working with their clients who are suffering financial difficulties. Successful firms also began implementing new marketing techniques such as social media and crowd‐sourcing. Originality/value – This study contributes to previous research in marketing that focuses on marketing activities during recessions.