Of course the economy is shaky now, that's pretty obvious. But let's say you're a marketing VP and your manager awaits your 2009 marketing budget. Or you own your company and need to decide...
What to do?
Impassioned self-interest aside, I'm going to suggest you continue to manage a solid marketing program. But how can you justify it to your boss... or yourself?
The big picture:
-The US government is pouring its heart and soul (and its apparently endless "spare" cash for which we'll pay later) into an economic recovery plan so unprecedentedly massive that chances are good it will have a positive impact during 2009. (Okay, chances are maybe 55-45, but anyway...)
-Even though McCain has now assured us that he will win, there's a very big chance that he won't. And that is good news for the economy even in the short term. Barack Obama is a rock star. He'll start his term with a groundswell of excitement among the public, both here and abroad, and that will support optimism and some economic improvements - even now, many Americans are optimistic that the economy will improve. Consumer confidence matters a lot.
-Marketers have better tools than they did in the past. As a prime example, detailed return-on-investment analytics mean that marketers understand (and can defend!) how specific marketing investments are panning out and no longer feel a pressing need to scale back for the sake of short-term savings.
-A recession does not mean that business stops in its tracks. In fact, some sectors continue to do well. Selling to the military? Selling products to kids (believe it or not, that's one of the last places some families cut); health care products; anything that makes business, the home, or life itself more efficient; or anything that demonstrably saves money - you have an opportunity to shine right now. Oh, yes, and therapists apparently do very well in these times, but that's just a side note!
-Not in such a great sector? Still, business, even if slower, goes on. Your smart marketing helps improve your market share while competitors are pulling back and missing opportunities.
-Pulling back and losing business is a vicious cycle. Cutting your marketing is a good way to start a downward journey.
-In all this, it pays to be smart. Being consultative, showing you have your prospect's interests at heart, showing how your product or service solves a problem... now is not the time for vapid or unfocused marketing - as if there ever is such a time!
The little picture:
-Okay, if you have to cut a little bit from the budget, even after all I've tried to tell you, so be it, Jedi. Please make sure the dollars you do spend work especially hard - public relations, the Web, interactive communications, newsletters, and targeted outreach to very specific prospect groups should always be part of your plan.
It promises to be an interesting year. Your thoughts?
I just read your entry back-to-back with a friend and social-media-guru's newsletter (http://www.chrisbrogan.com/). His advice in down economic times, in a nutshell? Connect, connect, connect! Market yourself! Nurture new relationships!
ReplyDeleteHe was focusing on social media, but the same goes for more traditional (albeit focused and strategic, as befits a maybe-recession) marketing efforts. So, take heart: you're not the only one. Hopefully, decision-makers who value their companies' industry reputation and prominence are listening.