Smart, Innovative Brands will Prosper in a Downturn

Marketing is the first thing to go when tough economic times put the squeeze on cash flow, but WE all know that those who maintain spending will emerge the strongest when things pick back up.

My Best Marketing ADVICE in a downturn: Don’t destroy your brand to lift your sales

Brands should be very cautious in adopting aggressive discounting strategies to boost revenue in tough times. Years of painstaking brand building can be destroyed very quickly by inappropriate discounting. That doesn’t mean keeping your product or service offering fixed in stone, just think creatively about how to adapt your offering or pricing to tighter times.

Best TACTIC in a downturn: Let your customers sell your product

When consumers are watching their money, they tend to place greater weight on the views of other customers than they do on advertising messages. WOM and evangelical customers are always powerful, but customer testimonials are worth their weight in gold during tough times. Reward your customers for referring a friend to your business. Launch a testimonials campaign, introduce online forums for customers to share their positive brand experiences.

Marketing in a recession requires thinking outside the square sometimes, but distressed advertising is often available and there are substantial savings opportunities. Case in point – THE SNUGGIE.

Above all DON’T PANIC. Be smart. Be responsive to your customers. Be true to your brand.

Besides I’m fairly certain that women will shop the US out of this recession sooner than you think. Here’s more optimistic fodder for you,