No Time to Hunker Down

By Wendy Baird



A common question on the mind of many business owners and CEOs is, "What should we be doing to market our company in this down economy?"

If you're focusing on hunkering down, reducing marketing spending and riding it out ... think again. By not acting (i.e., marketing) in some way, you are only perpetuating an already dismal outlook. It's easy to buy into the negative thinking, but you would be better served by getting creative and finding the opportunity amid the uncertainty.

In 1993 (following the 1992 recession), the American Marketing Association reported that companies that invested marketing dollars during the down economy gained market share - and kept it. Marketing gurus such as Seth Godin, Harvard Business Review, marketing bloggers, successful CEOs and scores of others advocate that now is the time to ramp up your marketing efforts. Savvy businesses are looking for ways to seize market share from those that are simply "riding it out." It's time to focus, think smarter, be visible and pursue what matters.



Stay Visible

Of course you should look at where you can be leaner, perhaps shift some spending, but you must stay visible. Your customers are watching more closely than ever. Find a way to advertise, even if it's by nontraditional means.

It's a great time to be in touch with all of your clients - old and new. Using e-mail and direct marketing, sending articles and notes and making phone calls keep you continually visible, reminding clients that your organization is alive and well. Gather testimonials. Write articles for industry publications or for your own e-newsletter. Hold a social event or even a "lunch and learn" to share ideas on responding to the downturn. Continue to network. There's no substitute for frequency in building a brand.



Get Creative

And what about your brand? Are you feeding your web site with new content? Are your marketing materials serving you well? When was the last time you updated them with new testimonials? What is the message you are communicating? Is your image standing up to that of your competitors?

Some of the smartest companies are taking advantage of this time to look deeply into their brand image. If branding work is something you've always put on the back burner because you are too busy, now is the time to refocus your efforts. Get the staff in on it - gather market intelligence, brainstorm, survey customers and check perception.

Encourage innovation and new thinking. Some of your employees may have new ideas around Web 2.0, social networking such as LinkedIn or other insights. Reward and reinforce those brand-supporting ideas with employee events. That said, staff input is great, but brand leadership needs to come from the top down. Be active and involved.



Focus

While many are tempted to cast the net wide and develop new offerings to try to keep busy, don't get bogged down in diversifying to the detriment of your true core competencies. Make sure you are doing all you can within your narrowly defined market(s).

Well-positioned companies will have a greater chance of success than businesses with a weak position. Why? When you're well positioned, you know what sets you apart from competitors in a real and unique way. When you are more narrowly targeted, you have more control over business development efforts (reduced cost of sale and greater profitability per sale). And strong positioning naturally helps a company build consistency, which helps build business faster.

It's time to think more strategically. Repackage or bundle products or services in a different way - perhaps by offering products with added services or breaking down a larger "product" into smaller components. Introduce a new product or service (within your competency). The idea of launching something new communicates that your company is innovative and forward-thinking, and will endure.



Pursue What Matters

Despite the concerns about the present economy, businesses need to focus on the future - five, 10, 20 years from now. We are part of the never-ending cycle that is the economy and part of business. There are opportunities right now and in the coming months and years. Think ahead, and in the meantime, get creative.



Wendy Baird is president of insight180, a brand consulting and design firm in Ellicott City that advises companies on differentiation strategies and brand communications and has specialized skills in social responsibility and green marketing. She can be reached at 410-203-0777 or wendy@insight180.com.