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Marketing During a Recession?
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Oct 01
2008
by Laura Lake
Oh my, the sky is falling and we are in an economic downturn. It’s on the news and it is in the papers. Everywhere I turn we hear of the downward spiral of our economic state. I know what you are thinking; it’s time to cut that marketing budget. Signs of recession are all around us. Let’s start slashing costs and marketing is the first to go. Makes sense, right? No! Let me explain.
Don’t you dare cut your marketing budget. That is one of the first mistakes businesses make during times of economic crisis.
It’s time to get smarter about your marketing dollar and spend it to bring results. Sounds good doesn’t it? However, I can hear you - how do you do it? If ever customer intelligence was important it’s now.
The key is to look at your marketing dollars as an investment not an expense. Use the customer knowledge that you have and implement SMART marketing during these times of financial distress.
SMART marketing consists of the following
S - Strategize
M - Maintain market spend
A - Assess and allocate the budget
R - Research your customer thoroughly
T - Target and reach out to them

