Marketing in a Down Economy

I recently attended the annual DMA conference held in Las Vegas. I have attended DMA's big show over the past several years, this show was different. There was a big white elephant on the floor and that elephant was the uncertainty of the economy. Just one week after the show the DMA itself made several cutbacks in key areas. Marketing cutbacks are typically the first thing to happen when budgets get tight. It was obvious by attendance and the tone of the show that marketeers are feeling the pinch.

I have never understood the logic behind cutting marketing budgets in challenging economic times. Marketing is the tool used to get your message out to your prospects and clients. If you don't get the message out someone else will. Marketing dollars can't be spent unwisely. They must be focused and clear on what the objective is. Now is a time when sales, operations and marketing need to work together to decide on what their maximum ROI products or services are and capitalize on those. It's a time for a Spring cleaning of sorts, dropped the products or services you don't excel at. If you can't be the best then step aside. When you promote what you are best at instead of trying to be all things to all people business starts to click.

It's about strategy. People still need services and products. They need them from confident reliable companies that they know they can trust. Marketing now is about being personalized and establishing a relationship with your prospect and customers. Don't cut your budgets, rework your strategy. Are you spending money in the right place? How do you know you are marketing effectively?