“Successful companies do not abandon their marketing strategies in a recession; they adapt them.”[1] — John Quelch of the Harvard Business School
With today’s challenging economic climate, both in the United States and abroad, businesses must do more to actively market their products and services. An aggressive marketing strategy is called for in an economic downturn, even as other businesses and individual consumers tighten their belts. After all, despite the negative economic outlook, clients still need your company’s goods and services.
While some businesses may be keen to cut their market research budgets, companies must understand consumers’ thoughts and behavior during hard economic times. Use market research to develop a strategic marketing plan to focus your advertising dollars on the right message and the right audience.
Along the same lines, businesses should think twice before slashing the advertising budget. While your competitors pare down their marketing spending, stepping up marketing efforts at your company can help you gain market share and increase return on investment. Study after study indicates that companies willing to forge ahead with marketing efforts, even during a recession, reap benefits in the long term.
Innovative branding will ensure that your company gets a leg up on the competition. If your business previously overlooked the importance of online marketing, now is the time to establish more of a presence on the Internet through a professionally designed and translated website, social networking campaigns, and potentially, a blog. Using the Internet as a marketing tool is less expensive than conventional methods of reaching customers, and companies have the opportunity of making contact with an even greater audience, both at home and overseas.
Lastly, open up to the possibility of exploring new markets—especially those enjoying a more favorable economic climate. Tap into emerging markets throughout the Americas including México, Brazil, Chile, Argentina and Perú through Spanish and Portuguese translations. Reach up to 650 million customers previously unfamiliar with your product or service, simply by making your company’s information available in Spanish and Portuguese.
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[1] Harvard Business School: Working Knowledge, Marketing Your Way Through the Recession by John Quelch
