The Importance of Marketing in 2009 and Beyond

With 2008 behind us, the time has come to analyze the successes and failures of last year and make a plan for the New Year. Remember that while the 2008 economy has led to many marketing budget cuts, this has proven to be a mistake in the past. The key to marketing in this economy is tailored marketing messages. Your marketing should be altered to address the concerns of today’s consumers. Examine what your company has to offer and share with the public how your products and services can be appropriate no matter what state the economy is in.

Marketing messages created to support the current economy and the decision to stick with a consistent marketing plan have proven to have long term positive effects. A recent study found that during the recession that occurred between 1981 and 1982, businesses that maintained or increased their level of spending for marketing averaged higher sales growth during that recession and in the three years that followed. The study also found that those who are aggressive marketers during a recession have been able to increase their market share by two and a half times the average for all businesses post-recession.

Consumers may be increasingly tight with surplus funds these days, but they will always be consumers, meaning they will continue to spend. Marketing messages need to be sent out, although they should be changed to coincide with today’s conditions. Business Week’s Burt Helm pointed out marketing messages no longer focus so much on how luxurious life can be, but on how one can still purchase high-end products while being cost conscious. He gave a successful example of this using GE’s new Profile washer-and-dryer set. This would typically attract the eye of the more affluent consumer; however, the Company’s marketing messages have now been adjusted to help the product appeal to those concerned with the increasing price of electricity and the issue of water scarcity. The product is also being promoted as a machine that is cautious on clothing, extending the life of garments, thus saving consumers even more money.

In a nut shell, Marketing is always a critical business tool. Now is the time to use that tool most efficiently.

Sources:
Burt Helm, "Advertisers Adjust to Market Luxury in a Recession," Business Week
Paul Dunay, "Statistics on Advertising During a Recession."