Earlier this week we presented some information from Harvard Business School about 8 key factors to consider in your marketing for the remainder of 2008 and 2009.
The American Marketing Association released a report this week from a survey taken online with 244 members. 60% of the respondents says that halting or reducing spending on key marketing programs/initiatives is the biggest mistake marketers make in an economic downturn. The survey goes on to say that 4 specifics need to be reinforced:
1) Shape the Message, don't slash the price - Only 3% suggest adjusting pricing strategies
2) Focus on whom not to target - 67% say it is important to refine your target audience
3) Stand apart from the crowd and invest in innovation - 66% say they would take the same or less risk on a new product or innovation during a downturn
4) Sustain the Brand - 63% of marketers say they can lessen the impact of a downturn by investing in brand building as part of their marketing plan
Take the two articles that were posted this week and seed your clients with some important ammunition that reinforces why now is not the time to hunker down or cut marketing budgets.
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