Marketing blues

Marketing is often the first thing to go when tough economic times put the squeeze on cash flow.

Those who maintain spending often emerge the strongest when things pick up. Chris de Villiers executive director of the Marketing Association of SA explains.

Don’t panic
The worst thing you can do is cut back on marketing spend during a downturn. Companies that stop marketing lose market share and never recover.  The trick is to keep your marketing budget focused.  Rely on research, segment your audiences and understand your market so that you can better craft your message using the most effective delivery strategies to keep winning customers.

The right stuff
Just because your competitor is using Facebook and YouTube as part of their marketing strategy, don’t panic that you should be using these mediums as well. There is no one-size-fits-all approach and you need to use a marketing mix that suits your particular company.  Web-based tools do offer benefits and can be low cost, but make sure that 

they are suited to your audience.  There’s little point over-investing in your website, for example, if most of your customers don’t have access to the internet. 

Companies that stop marketing lose market share and never recover.

Change your attitude
Marketing should be seen as an investment and not as a cost.  During difficult times it's more important than ever to be practical and realistic about what you're trying to achieve.  Focus on your loyal customers. Economic conditions cause even loyal customers to re-think their habits and they may be willing to reconsider their brand loyalties.

Mix it up
During good times, the biggest component of a marketing budget is advertising, but it’s also the most expensive. Investigate using different forms of marketing including public relations.  These different channels complement each other and help you to establish a presence and build your reputation in more subtle ways in both good times and bad. 

Leap-frog competitors
By learning to work smarter and understand your marketing function better when times are tough, you’ll be better prepared when the economy recovers.  Use the downturn as an opportunity to position your company to leapfrog competitors.