Take Advantage of the Downturn

One of the tenets of good business practice is that companies should not stop marketing during a recession or economic downturn says Wes Ball, President of Lititz, Pennsylvania-based strategic growth consulting firm The Ball Group and author of The Alpha Factor. This is exactly the time a company should crank up the marketing volume. Most competitors are pulling back in fear, which leaves the road open to whoever wants to accelerate, he says.

SCORE "Counselors to America's Small Business," a non-profit association for entrepreneurs and small businesses, advises small businesses to continue marketing during a slowing economy. "This is the time you need marketing the most," says Ken Yancey, SCORE CEO. "It reassures your customers that you are still there to serve them and it can help you reach new markets to sustain your business."

Now is the time for a company to invest in itself, particularly if the competition decides it's going to pull back. It positions the company to take more market share for the future, says Sherri Lennarson, Senior Vice President of Business Development for Iowa City, Iowa-based distributor Bankers Advertising, Inc. "It's not prudent business decision to determine that you're not going to have a marketing plan or advertising strategy." Now is a time to tell your customers that you appreciate your business, now more than ever people need to be recognized.

Bruce Felber, Creative Director at Twinsburg, an Ohio-based advertising, public relations and marketing firm states, "We believe the promotional products industry, regardless of the economy, is better positioned than the general media right now. Traditional media are struggling. However I think direct mail is going to see an increase, and using both promotional products ties the best of both worlds together.

"I think it's easier for people to commit to something they can tangibly feel and touch as opposed to something they can't," Felber continues. "You can imprint a message, logo, positioning statement or call-to-action on something useful--a promotional product. The more useful the item, the better the longevity and the longer the sales message or campaign stays out there."

Perhaps the most significant strategy during an economic downturn is also the simplest: Stay positive. "Don't buy into what you hear," Lennarson says. "There are all kinds of circumstances that we can't control, but we can control our attitudes. Don't give up, keep working. Know your value and articulate it. Believe in what you're doing."

Article excerpts courtesy of Brittany Glenn, Promotional Consultant