Marketing during bad times

The economy is still limping along for many business we talk to. What do you do so your business doesn't go down-and-out waiting for a recovery in your industry or market? During the last economic down cycle, those companies that cut back on their marketing spending generally lost business and market share, according to a Wall Street Journal study. Plus they took longer to recover than companies that retained their marketing spending levels.

In the study it also showed that companies that maintained their marketing programs, increased profits during the sparse times from 11% to 19% over those who did not continue their marketing initiatives.

Results? When the robust times began again, those who didn't reduce marketing investment held on to their increases and grew them quicker, and larger than their less determined peers.

Lesson: Don't reduce your promotion in lean times if you want a larger business. Sustain your marketing levels and rebound out of the bleak times when they're over.