e-dreaming

While some are telling us the recession is over, there's no doubt that the economy is a long ways from being in full-swing.  During economic downturns, too often, one of the first things company executives cut is their marketing budget, in spite of the fact that almost every study ever done shows that the companies that INCREASE their marketing efforts during a downturn actually grow their market share, while those that cut, lose market share (and actually take up to 5 years to recover).

It's very understandable to cut marketing and advertising.  When times are tough, and you're looking at cuts to everything, it's easy to look at marketing and advertising as an expendable expense item, i.e.  one that doesn't directly serve production, rather than an investment with measurable, and potentially, short term results.  But the truth is, it is probably the LAST expense item you should cut, if you cut it at all.  The good news about NOT cutting your marketing budget... or better yet, increasing it during economic downturns, is that most of your competitors will be cutting theirs.

Have you ever been the only one standing in an auditorium, theatre or other large audience?  You tend to bring attention to yourself whether you want to or not.  Or have you ever been the only one with your hand up in a classroom or meeting?  Sort of stood out, didn't you?  That's exactly what marketing is all about, i.e. being noticed.  So if you're the only one (or one of merely a few) in your market space that has their hand up during an economic downturn, that's GREAT NEWS!

Let me hasten to say that not all advertising is wise marketing.  Mass media advertising (shotgun or "interruption" advertising) can be a huge drain on your budget, and it may not give you the best return on your investment.  Even if you are the only one with your hand up, if only 1 in an audience of 10,000 are interested in your product or service, there are almost certainly more efficient ways to reach them. 

Having said that... for goodness sake, ACT NOW! Take advantage of the fact that your competitors are pulling back from their marketing and advertising.  DO SOMETHING to get the attention of your prospective customers BEFORE the recession is over and your competitors (those that survive) start advertising again!