The most recent issue of B2B Magazine has an interesting article on how b-to-b marketers approach spending in a slowing economy. "Do they focus on advertising that plugs the brand or drives sales leads?"
It is no great secret that one of the first places to look for "savings" when crunch-time hits your business is your marketing spend. It is a quick fix that isn't easily noticed in the short-term. If you didn't have a strategic plan to begin with the pull back is even less noticeable.
The theme in the article keys in on strategy and how to seek opportunity in any market condition.
"Branding has got to be the backbone of advertising, especially when you are in a lot of markets," says Paula Blanchat, director of marketing communications at a North Carolina, based law firm. She added, "when the economy tanks is when you have an opportunity to make an impact; and you see the payoff when the economy improves."
If you are reading this blog chances are that you get all of this and it doesn't change the fact that tough choices need to be made during tough times. The most important point of this article is to use market changes as an opportunity to re-evaluate your marketing strategy.
My suggestion: Meet with your management team, engage your salespeople and consider the profile of your best customers. Re-visit how you got to where you are today and envision where it is you want to go. Come up with a plan together and chart a course that distances you from your competition. It all sounds obvious and overly simplistic but I think the tendency in a tight market is to hunker down and protect our territory which is not conducive to creative and aggressive tactics.
Weakness becomes magnified during economic downturns and senior management is on high alert for the wounded sheep in the field. Be proactive, do your homework and present innovative ideas that connect to sales strategy.
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