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Marketing During Recession: Push or Retract?

Article Overview: In the face of recession, many business owners will cut marketing first, believing it is a waste. In fact, this is the worst strategy. Jacqueline Drew explains why.

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Marketing During Recession: Push or Retract?

Marketing During Recession: Push or Retract?
By Jacqueline Drew
President & Principal Consultant Tenato Strategy Inc. To the fearful business owner, a recession means cutting back and hunkering down for a prolonged slowdown. Often, one of the first things to get cut is marketing – you know, that kind of risky, uncertain spending that can often appear to be a big waste of money – especially if no one has been tracking it.
Now, consider this little metaphor: A good friend of mine was an accomplished bicycle racer. He wasn’t the most aerodynamic rider – but he had a strategy. When the uphills got steep, he pushed harder – in fact, his best races were the ones with steep uphills – because he knew that where every other rider would back off. And you know, as a marketing consultant, I think doing business during a recession is a lot like that. Here’s what I mean:
• If you pull back your marketing, you know one thing for certain – you sales won’t shoot up. In fact, the slowdown will become even more of a sure thing. You may find that you aren’t generating as many leads as before, but maybe sustaining or investing more in marketing would create a chance to reverse the effect instead of bowing down to it.
• Second, when your phone stops ringing, do you sit in a state of hopelessness, wishing someone would call? This is the chance to push yourself. Why not use the opportunity to pick up the phone and call someone yourself? Call your past clients. Call more potential clients. Remember, these are the things you probably didn’t have time to do when business was flying in the door.
• Finally, think of a recession as a Darwinian opportunity to get rid of your bad competitors. These are the ones who won’t outlast a recession because they haven’t taken the time to build loyal, solid relationships with customers or suppliers. If you keep doing things right, and improving your marketing and selling, you can be the one to pick up the market share that’s left up for grabs when your competitors fall.
So the upshot is this: Yes, the recession means we’ve got an uphill climb. And those who are afraid or unprepared will get off the bike, and give up. But the winners will “get outta the saddle” and ride! So push that marketing now – and you’ll be the one grabbing the first-place market share.

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Article Tags: Business Strategy, How to grow in a recession, Recession

About the Author: Jacqueline Drew
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Jacqueline Drew, BComm, MBA is the President and Principal Consultant Tenato Strategy Inc., a strategic planning and communications firm based in Calgary, Canada that offer strategic planning, market research, public relations, online communications planning, SEO, social media planning, sales training/development, and traditional advertising/promotional services. http://www.tenato.com You may follow her on twitter @JacqStrat

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