It's Time for the Tough to get Tougher

We've seen it happen before. The economy gets tight, and the marketing budget becomes the first casualty of cuts because it's an easy line-item target.
Managers believe it's easy to justify: “Times are getting tough. We have to tighten our belt.” And then there's the tangible vs. intangible factor. “What are we really getting for our marketing dollars anyway?”

What you should be getting from your marketing is customers and revenue growth. Now is not the time to cut the marketing budget, but now is always the right time to evaluate how you're spending those dollars. Any marketer worth his salt should continually examine what methods and channels they're using to reach customers. Are they the best methods? Are they continuing to deliver? Is the message still on target?

When the going gets tough, the tough get going. It may be cliché, but it's true. Research has proven that cutting back your marketing spending during tough economic times while your competitors maintain theirs, means you're going to lose market share - and your competitors are likely to gain.

Don't cut back on building your brand just because it's harder to get your customers to part with their hard-earned dollars. Now is the time to work harder and smarter.

Not maintaining a market presence during tough times would be like Joe Girardi telling the Yankees the next time they meet the Red Sox, “I don't know if we can beat these guys. I think we're just gonna sit this one out.” You gotta show up, and you gotta play the game. But, play it smart.

Determine which marketing programs have been most successful or produce the most revenue. Those are the ones to continue. Look at programs such as public relations or social media that may help you control high media costs.

Image and mindshare are delicate. Like your houseplants, they're not going to thrive - or survive - without constant attention and care. The real goal is to be vibrant, strong and top of mind when the economy revs back up again. Research also shows that companies who continue a market presence during tough times are among the first to rebound when people start spending again.

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