A few months ago a column I submitted talked about maintaining a strong brand and presence in a weakened economy. Now we read the headlines in Newsweek that, “The Recession is Over!” What? That was fast.

My first column explained the principles of building a brand and keeping it in front of your customers and prospects no matter what is happening in the economy. Good or bad, you would benefit. A great point to remember from that article (especially as we see the economy make a turn for the better) is that no matter what the economy, we should always spend our money wisely. That includes marketing dollars.

Just as a weakened economy didn’t validate the axe on your marketing budget, the prosperous economy (so we’re hoping) doesn’t validate a free-for-all on spending. That’s how the major companies got into trouble in the first place. And as we have seen, the lesson-learned that some can’t always buy or borrow their way out of trouble is a hard one and no one wins. In fact, many lose: jobs, homes, retirement accounts, etc.

Enough venting.

So, if I’m saying that no matter what the economy we should spend our marketing dollars wisely, I guess we can take the economy right out of the equation. The big question is then, how do you spend your marketing budget wisely?

In some cases, traditional advertising is shifting to new technology and social media. Marketing channels are evolving. While the traditional forms of advertising are still and will likely always be relevant, it’s probably time to consider adding some new technologies to your marketing mix if your audience calls for it. A use of both traditional and new ways of marketing through channels such as social media can be a winning combination.

If your audience isn’t quite ready for newer marketing channels, sticking with more traditional forms, such as direct mail, can never go wrong. That is as long as you remember that winning your customers is always about making sure you differentiate your brand no matter how you’re marketing. Be smart, be unique, be relevant and be consistent – it will add value and you’ll resist sales erosion.

I’d like to mention a couple recent examples of two companies that put thoughts of the struggling economy aside and pushed forward with unique and compelling marketing. They not only succeeded, but they have exceeded expectations during this recession and prepped their company for the upswing.

The first company is a newer, less well-known company who combined traditional marketing channels with newer, social media techniques. This company recently launched a breakthrough, early cancer detection device that detects atypical breast cancer cells up to seven years before a mammogram.

Over the past few months they utilized the traditional marketing channels of direct mail and public relations tactics, aggressively expanding efforts on both. In addition, they began Facebook marketing, utilizing this fairly new, but interactive and relevant marketing channel for their audience. Their 4th quarter sales in the height of the recession were up over 25 percent!

The second company, dealing with a more traditional audience, focused solely on tactics such as direct mail and print. As a national manufacturer of off-road, 4x4 suspension systems and accessories, they launched of a rebrand of their line of products with a brand strategy that was so unique, it literally left competitors in the dust. Their sales are up 30 percent over last year and climbing!

They took advantage of the quiet competitive environment and made huge gains in an industry thought to be struggling with the economy.

Both of these companies used wise and relevant marketing channels for their business. In addition, they made sure their brand was unique and relevant to their audience. No matter what the state of the economy, that’s a winning combination.

Thursday, February 25, 2010

What Recession?