Lean-Time Marketing Pays Off

The conventional wisdom is all around us. If you don’t know the legends and lore, here are a few reminders:

1. During the “Great” Depression Kellogg leap-frogged rival Post to dominate the packaged cereal market and make “snap, crackle and pop” a household onomatopoeia. While Post did the predictable thing of reining in expenses and cutting back on advertising, Kellogg doubled their marketing budget and got aggressive with new media (in 1930 that was radio).
2. Another Great Depression success, Chrysler was the #3 auto maker behind GM and Ford when it pushed its new brand, Plymouth, targeted to the low end of the market and passed Ford to become #2.

Numerous studies have shown that companies that keep spending on advertising during recessions do significantly better than those which make big cuts. This is easy to say, and it must assume that there’s at least some money to spend – on advertising or anything else. Even if cash is short, invest some of that valuable “time” you had so little of when you were busy building what you build or selling what you sell, and making all those trips to the bank.

• Introduce a new product or service with an angle on where your customers are heading, not where they’ve been
• With or without money, farm your greatest asset, your current customer and client list—in detail, and with an eye on the future.
• Use your current customer profile to identify and target new prospects and potential new clients .
• Spend some time reviewing your overall marketing. Examine what worked and what didn’t, and draft a plan that can be implemented at some level now, and scaled up as funds allow.
• Review your marketing materials and all aspects of your business image. Give a professional those sloppy brochures and flyers you had the receptionist throw together, and polish your image for the opportunities ahead.
• You don’t have a website? You’re kidding, right? It doesn’t cost a fortune to be there, and you have to be there.

In lean times you need to spend wisely and supplement spending with mental elbow grease, but don’t quit marketing. A decision to cease marketing is a decision to cede business to your competition. Position yourself now to be the lone soldier standing tall as your competition falls away.

TT