Inflation is at a 40-year high, the GDP is contracting and we’ve officially entered a bear market. About a third of U.S. economists say a recession is likely; some say it has already begun. Marketers who were waxing poetic about VR months ago are eyeing potential budget cuts and preparing to drive growth with more targeted spend.

But even if the U.S. enters a recession, growth is not off the table. Customers will continue to spend, thanks to 60% of U.S. consumers building up personal savings over the last two years. The question is: Which company in each category can differentiate itself by convincing customers that its products and services are most worthy of their business

Marketers can navigate the downturn by focusing on boosting trust, pivoting to value, mastering loyalty and maximizing efficiency via measurement. Here is how to execute against each of those objectives and drive growth as budgets tighten.

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