Tag Archives: marketing during a downturn

No Risk is the Riskiest Risk of All

riskyDuring this recession, many companies are cutting back their marketing budgets and becoming as lean as possible to stay afloat, but is this the right tactic?  Should businesses be taking risks or laying low?  There may be evidence that now is the time to be taking risks and making your brand known.

Big brand companies such as Toys ‘R’ US, Proctor & Gamble, and Fiat are taking advantage of the opportunities in the marketplace by purchasing competitors. Another big risk taker is Microsoft with the release of Bing, a search engine to compete with powerhouse Google.

Regardless of the size of your business, large or small, a company needs to be aware of the needs in the market and how to utilize the marketing budget to reach their target demographic.

Here are 5 quick tips from Jamie King, President of Euro RSCG Chicago, for managing your marketing budget:

  1. Prioritize your spending on the most important objective – spend on the objective that will pay off first.
  2. Don’t get rid of the discretionary budget line – even though it’s not of importance and can be done without, it may be the boost you need to take advantage of opportunities that arise.
  3. Own a space in any media medium – put your brand out there and make it known; whether it is radio or digital, etc.
  4. Use customers as advocates for your business – a high customer satisfaction rate leads to positive word of mouth for your business.
  5. Optimize all your assets – employees, company vehicles, your buildings, etc. are all a part of your assets; make them a part of your branding strategy.

Engaging your customers is most important and can be utilized effectively through social media tools such as Twitter and YouTube.  Remember, no risk may be the biggest risk of all.

Advertisements

Leave a comment

Filed under Economic Downturn

How To Make The Recession Happen Around You – Not To You!

It’s official.  The U.S. economy is in a recession that began in December 2007.  That fact can’t be changed – but we can control the way we react and operate in difficult economic conditions.   So what to do?

Be sure to check your attitude. Operating from a place of fear is never good. Fear drives us to focus on the here-and-now, sometimes at the expense of preparing for the long term.   Don’t cut back on the activities that will sustain you and your business at the end of ‘09 and into ’10.

Focus your energy on what you can control.  Sure, customers may be cutting spending or cancelling orders. There’s not much you can do when their budgets are squeezed.  Instead, find ways you can meet customer needs more efficiently.  Retool your offerings.  Focus on delivering excellent customer service.  More folks don’t choose to innovate when business is booming – now is the time to reevaluate.

Be ready for the recovery.  It’s often said that people are an organization’s greatest asset. If you manage staff, make sure they understand their role in the company’s success.  Empower them to bring fresh ideas to the table.

For more thoughts on surviving and thriving during the economic downturn, see here.

Leave a comment

Filed under Economic Downturn