The reaction of many businesses to difficult economic conditions is to cut back marketing spending in line with general internal cost-cutting and to focus on providing value for money by cutting prices.
The former may reap some long-term benefits in helping to identify those marketing efforts that are most cost-effective, but it also suggests that marketing is viewed as an expense rather than an investment. Moreover, it also implies that you're in the same boat as everyone else and that you product/service is as vulnerable to a downturn as your competitors.
Wouldn't it be smarter to emphasise your difference from the competition and thereby your confidence in the value of what you're selling? Wouldn't it be smarter to emphasise the value for money you provide by focusing on quality, durability and relevance? Wouldn't it be smarter to think of totally different approaches and might there even be some mileage in showing their purchases to be a quasi-social investment in the well-being of the economy?
Cost-cutting is fine and entirely necessary where it is a case of trimming wasted effort and expense, but that applies at all times. As does the marketing imperative to be different, to be note-worthy, to be remarkable. It's amazing how many businesses forget that when times get hard.
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