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of efficiently planning a marketing budget for times like these.

Also, don't forget two key P's of marketing: price and promotion. Undoubtedly you are facing higher costs, which translates into higher prices for consumers. Not only is it important to communicate why your brand is worth the price, but it is also important to let consumers feel that they "win" or are getting a good deal. Don't neglect running promotions such as direct mailings, coupons, weekly specials, etc. Sometimes in retail, stores will even take a slight loss on one item in order to entice consumers to walk in the door. The thinking is, consumers will purchase another item that has a higher profit margin. An example from a local coffee shop: Wednesdays are one-free-coffee-per-person days. The loss on the coffee is marginal. The added customers that come in the store and are enticed to buy baked goods and sandwiches more than makes up for the loss of some coffee.

It is true that economic times are tricky. This is the time to spend more on marketing-not less. The key is to evaluate each and every marketing opportunity that you are currently making use of and to see if those dollars can be redirected to increase ROI and efficiency. Reaching out to consumers and communicating why your retail location or your brand is the best for them and why it's worth the price-this is what needs to be at the root of your marketing messages. While times are tough, everyone is not completely destitute. There is still disposable income at consumers' fingertips; employing these strategies will help encourage consumers to send some of that disposable income your way.

Learn more about this author, James Richardson.
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