Most companies these days are cutting costs and it’s pretty tough to choose the right place to make those cuts. Depending on what’s necessary for your operation, your options may be very limited. So marketing is likely to be one of the areas you scrutinize.
Because of that, I feel obligated to share with you the one proven truth I tell my clients whenever we experience an economic slow down. It’s something you should keep in mind when making your decisions.
“Companies that continue to market during a down economy
recover faster and come out of the downturn with
a larger market share than those who don’t.”
Here’s an abstract for an iMedia Connection article by Mike Simon that appeared in the May 8, 2009 issue of MultiBrief from MultiView that supports my point nicely:
“On the most basic level, recessions are perfect times for marketing overall — particularly because they’re an ideal time for capturing market share. While your competition is slashing its marketing budget, you can take the opportunity to snap up the customers that your competition ignores. The strategy will be particularly rewarding once the economy bounces back, and your brand equity is suddenly head-and-shoulders above the competition’s.”