Marketing in a challenging economy

Perhaps “challenging” is too soft of a word!!?? It has indeed been quite a bumpy ride during the last six months. Of course, all the research suggests that now is not the time to cut marketing budgets because this is the perfect opportunity to gain market share away from your competitors. The harsh reality handed down by CFOs might make that nice in theory, but irrelevant in practice. Below are a few thought starters on how to be effective with fewer dollars to invest.

• Ensure your brand messages are incredibly focused and impactful. With budgets tight for delivering those messages, there is no room for waste.
• If budgets have been cut dramatically, consider maintaining a presence through PR and Web mediums.
• When it comes to your audience… prioritize, prioritize, prioritize. Resist the temptation to do token work just to pacify internal constituents. Be brutal in making sure you have an impact on the most important customers and prospects. Don’t spread the butter too thin!
• Make sure your sales force are marketing ambassadors. They can be your walking billboards – especially if you don’t have the funds for a real billboard.
• Protect your reputation. In times like these, there is more bad news than good. Be sure you have a corporation reputation management plan in place.

Now, let’s hope this counsel will soon be for naught and that this budding economic recovery gets traction!