In the movie "It's a Wonderful Life," Mr. Potter - the local Scrooge - reminds the main character, George Bailey, that, during the depression, he and George were the only people in town to keep their heads. When everybody else was panicking and selling off assets at a loss, the two of them were calmly riding out the storm...and they emerged from the depression better off for it.
That same logic also applies to marketing during today's tough times. You could panic, lay off your company's marketing staff, and hide your money under the mattress. Or you can look beyond the next few quarters and see that smarter marketing is actually what's called for. It's a topic we've covered before, and in her e-newsletter, Marcia Yudkin adds to the conversation. She writes:
"During a recession, scared businesses tend to cut back on marketing expenses. This appears to be the smart bet. After all, most customers have become more cautious about spending. So why not conserve your resources, wait out the downturn and have funds to spend when the economy picks up?
In fact, smart businesses expand during a recession because they know there will be a shakeout caused by the scared businesses shrinking.
During any recession, there are always more than enough clients out there to keep you busy if you continue to market, and market smartly. Capitalize on your strengths.
Make the most of your business relationships. Create or revive programs that enable customers to move ahead.
Above all, stay upbeat, putting the dynamics of self-fulfilling prophecies in your favor.
If you behave like the scared businesses, or target them, you will contract. If you market to the smart businesses during a recession, you will continue to prosper."
