Marketing in a recession

Move to a position of POWER.

We are in a "recession," or whatever. Feels like a recession to me so let's go with that.

What are you going to do about marketing? Ride it out? Take down your sails. Turn off the motor. Ride the waves. Batten down the hatches and hide in the cabin until the storm passes? Give up control?

Why have you slowed down your marketing? Have you stopped managing your investments? Have you walked away from product development or quality control?

I didn't think so. So why have you given up on marketing? Why are you letting the marketplace dictate awareness and perceptions of your company? Why are you walking away from spending money on your customers and just praying they haven't left when the storm clears? Why are you giving up marketing POWER to the recession?

So here is The Hayden Group set of rules for marketing during a recession:

1. If you are the uncontested marketing leader in your category, you may get away with not marketing during a recession.

...assuming your company makes no missteps with your customers and your competitors don’t out-price you, out-market you or both.

2. Business as usual is a waste of money.

Throw out last year's plan. Don't even think of wasting limited resources on the "ten things we've always done." Spend two hours talking about how customers are really buying your product today and spend your limited resources on the three tactics that, done right, are going to drive 80% of your revenue.

3. Customers still come first.

We've all seen the statistic regarding how expensive it is to win-back a lost customer. So don't lose one. Don't even risk losing one. Nurture the relationships you already have with customers. How are you regularly touching them? Use those vehicles. Tell customers that you know they have choices and you appreciate that they have chosen you. Ask them how you can serve them better. What? You are afraid of what they will say? Oh. So it’s better if they just leave? Hello! What about service recovery? If you know a customer is unhappy you have the POWER to fix the problem before they leave. Truth is, most customers will be too busy to respond to any questions about "how are we doing?" BUT all of your customers will remember and appreciate that you asked.

4. Do no-brainer branding.

There are so many virtually cost-free ways companies can remind customer and prospects of who you are, what you do, and why anyone should care. Give employees a brief "elevator pitch" to be recorded on every employee's personal voicemail greeting and placed with every employee email signature. Put your logos and taglines on your company email. Your brand pitch sound bite should be used in every company hold message and be incorporated in all in-bound and out-bound calling scripts. Don't be invisible during a recession. Instead, assume a position of brand POWER.

5. Leap-frog your competition.

If you are number two or three in your category, there will never be better time to gain market share than during a recession...if you are willing to take a marketing investment risk. If you are not even in the top three, now is your time to make a major marketing share move. Be different. Be focused. Be bold. Seize a position of greater market power, while your competition ride out the waves.

So those are The Hayden Group's rules for marketing during a recession. What are your tips for successful marketing during a recession? We want to hear from you!

That's it for now...Victoria Hayden