Every industry is feeling the pinch and some anxiety in the current economy. Whether the reactions are fear-based or real is irrelevant. What is real is people are waiting, reluctant to move forward into the unknown.

What should we do in the way of marketing in these times?

It’s the goal of marketing to define Who to talk to, What to say and How to say it.

It’s a good time to re-evaluate and make corrections as to what works – this is something marketers should be doing on an on-going basis but it’s more relevant now then ever. Bring clarity to what is important and understand your target audience. It’s the goal of marketing to define Who to talk to, What to say and How to say it. In troubled times it’s important to be more precise with your messaging – but continue to move forward – don’t hide in the shadows.

The immediate reaction is to cut the marketing budgets, which many are doing. The long-term perspective is that a lack of presence will negatively affect the marketing equity you’ve built up, reducing consistency and differentiation in the mind of the target audience. Remember, consistency and differentiation are the two most important things in successful marketing.

For example: customers stop hearing about the widgets made by Company X, but Company Y has continued a steady presence in the marketing mindshare game. When I need to buy or upgrade my widget, which company am I going to purchase from – X or Y? I don’t advocate spending funds that don’t exist, but retreating from the marketing game completely is the surest way to decline. Recognize that many of your competitors will do absolutely NOTHING so anything you do will have a larger impact today and in the future when things get back on track.

What To Do Right Now:

1. Define what is critically important about your business or service.
2. Define who is REALLY your most desirable customer, and don’t be afraid to lose the ones that aren’t profitable.
3. Look at your current marketing tools: are they in need of revamping? A redesign of your website or new print ads is a wise investment to keep your message fresh and top of mind with your customers.
4. Find innovative, creative ways to keep yourself in the game. Use less expensive forms of marketing to be creative, innovative and forward thinking.
5. Under-promise and over-deliver.
6. The key is not to overspend, not stop altogether – be innovative not excessive. Pick and choose your marketing tools – keep them sharp and ready to use to keep yourself in the game.
7. Stand out from the crowd.

When the Great Depression hit the United States in the 1930s, Kellog’s continued to push out advertisements even though sales were declining.

Revisit the advertising battle between Kellog’s and Post cereal in the 1920s. When the Great Depression hit the United States in the 1930s, Kellog’s continued to push out advertisements even though sales were declining. Post cut back their marketing, which seemed to be the best thing to do at the time but turned out to be a huge mistake. When the recession came to an end, Post found themselves out of the cereal race because of the advertising efforts made by Kellog’s. Check out TrueYourMarketing.com for a more in depth analysis of advertising in a recession.

Whether it is an online business or a cereal company, advertising is one of most important divisions of a company.