When the big "R" comes into town corralling businesses to re-examine spending; no-one is more scrutinized than the marketing team. Typically perceived as the "spenders" they can be the first targets for financial analysts to realize reduced costs.
However, the big "R" comes around cyclically and while the business lost some weight to get through the "R" they will only realize their thinness when the economy gains some weight back and notice resources are limited and capabilities compromised, requiring them to go through another period of hiring or re-hiring.
I've seen this behavior especially present in the technology and manufacturing industry. The obvious issue is that while the business may be able to save itself by cutting costs in the beginning stages and possibly during the heart of "R" time it doesn't save itself long term.
Reductions in marketing during "R" time is the short term relief to a long term problem. Marketing can be the quintessential piece to the business pie and removing slices at a time will only make less pie for those who want to delve in bigger pieces when "R" decides to finally leave and the business is ready to fatten.
What I'm trying to get at is that strategic marketing during "R" times can actually help you when the economy regains its health, therefore positioning your business positively and seeing greater returns.
Creative marketing, guerilla tactics and social networking will be the fundamental tools to enabling effective campaigns to continue to get your business the attention necessary to make profits.
Don't sell yourself short with tackling new and inventive marketing strategies when the "R" is swinging its lasso, it will be what keeps your business ahead of the competition and certainly better positioned when the lasso stops swinging.
For more information and editorials around marketing during an economic downturn check these out:
Finding the Sweet Spot: Marketing During a Recession? Get The Wind at Your Back.
