FIVE MARKETING ‘MUSTS’ IN A DEPRESSED ECONOMY; MANY OTHER TACTICS CAN REINFORCE REDUCED AD BUDGETS
There are five "marketing musts" for small to mid-size companies in a down economy, says a PR/ad executive who's survived four major recessions.
"Perhaps the most important rule of all is that a company must continue to market in all economic climates even if its reduced budget does not enable advertising," states N. Richard Lewis, president of Lewis & Associates, a marketing communications firm now in its fifth decade.
Other more economical time-tested marketing tactics, he says — aside from paid advertising — include publicity, trade show participation, tie-in promotions, strategically conceived special events and newsletters that are substantive rather than than "puffy."
Generally speaking, he adds, there is a vast array of online and traditional public relations tactics available for marketing consumer goods — especially health, beauty, entertainment, shelter and household products.
"However, while online marketing should play a major role in consumer goods, print and mainline broadcast remain the most effective for professional and financial service firms because of the credibility they provide," emphasizes Lewis, whose firm won the 2008 SMPS (Society for Marketing Professional Services) award for the Best Media Relations Campaign in the Metropolitan Los Angeles area and the PRSA/LA PRISM Award for the best external newsletter for three consecutive years (2005, 06, and 07).
Besides a sustained marketing program, he says, other "musts" include:
"Perhaps the most important rule of all is that a company must continue to market in all economic climates even if its reduced budget does not enable advertising," states N. Richard Lewis, president of Lewis & Associates, a marketing communications firm now in its fifth decade.
Other more economical time-tested marketing tactics, he says — aside from paid advertising — include publicity, trade show participation, tie-in promotions, strategically conceived special events and newsletters that are substantive rather than than "puffy."
Generally speaking, he adds, there is a vast array of online and traditional public relations tactics available for marketing consumer goods — especially health, beauty, entertainment, shelter and household products.
"However, while online marketing should play a major role in consumer goods, print and mainline broadcast remain the most effective for professional and financial service firms because of the credibility they provide," emphasizes Lewis, whose firm won the 2008 SMPS (Society for Marketing Professional Services) award for the Best Media Relations Campaign in the Metropolitan Los Angeles area and the PRSA/LA PRISM Award for the best external newsletter for three consecutive years (2005, 06, and 07).
Besides a sustained marketing program, he says, other "musts" include:
- Getting all operating personnel involved in the marketing effort instead of just "marketing" staffers.
- Tie-in promotions with non-competitive firms related to your products or services. This not only provides economies, but often adds clout to your brand through the power of association.
- Prioritizing and focusing efforts instead of trying to cover as much as the prior, larger budget did.
- Receptivity to new, non-traditional approaches which are sensitive to current socio-economic developments. "And the best way to usually accomplish this," he says, "is to get advice from the outside."