by Ann Druce

Created on: February 11, 2009

There is no doubt that that 2009 is going to be a tough year. And you are going to have to do something special if you want to grow your business, or perhaps even just survive until we move into the next growth cycle.

Failing to address the current market circumstances is probably the worst mistake you, as a marketer, could make. Instead of business as usual, your challenge is this:

1. Re-organize your marketing tactics to align to your current business environment and your changing objectives

2. Focus on a long-term marketing strategy

A knee-jerk reaction to a decline in sales that focuses on short term solutions could well be detrimental to your business in the long run. In fact, the American Marketing Association suggests that the worst blunder marketers can make during an economic slump is to cut spending on key marketing programs.

Instead, focus on 5 key marketing principles:

1. Focus on value, not simply price. Highlight the benefits that add value to your product or service. These might include expertise or personal service or more clearly quantifiable benefits such as guarantees, installation or deliveries.

2. Sustain your brand. Strong brands are more resilient, and cutting all marketing will weaken a brand that is being threatened by the downturn.

3. Re-analyse and re-define your target market. Focus on market segments that provide the greatest return. Decide which customers or market segments are least profitable and have the least potential and reduce investment accordingly.

4. Re-evaluate all your traditional marketing channels. Are they still delivering your re-defined target market? Demand cost-efficiencies and clearly defined information on the markets your selected media is reaching. Consider alternative media that you may have neglected in the past.

5. Prepare for the turnaround. The upside to an economic downturn is that it is followed by an up-swing! Make sure your company will be in a strong position when the market turns. In addition to a continued investment in marketing, you might want to consider product innovation or strategies for retaining key staff.

Marketing in tough times is a challenge, but with effective marketing you might even plan to grow your business in 2009. Tightly controlled budgets do not have to preclude effective marketing and advertising. Your starting point is a well-thought out marketing plan. If you are uncertain where to start, download a free Marketing Strategy Outline at www.octarine.co.za

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