other departments of the organisation.
The importance of this is that marketing
objectives must be tied to the business
objectives of the organisation.
Lastly and probably more important in
some organisations cutting marketing
budget is a matter of convenience as it
is easier since it does not involve people
(retrenching hence HR) nor does it
mean cutting production which are more
difficult decisions to make. Marketing
therefore becomes the easier and less risky
target to land on the chopping board.
So the question is how do we
respond to this challenge:
Economic Downturn?
Don’t wait until an economic downturn. It
is important that organisations at all times
focus on building powerful brands. The
reason is simple; powerful brands have a
softer landing when the tide changes as
they have more loyal customers whom
they tap into when times are hard. In hard
times especially it is difficult to acquire
new customers and businesses must rely on
their loyal customers. Retention is critical
at all times. Though building a powerful
brand is not the function of marketing
department alone they play a bigger role
as they are tasked with understanding the
customer and unearthing their needs.
Increase the efficiency of the marketing
budget (whether slashed or not). One
way is by focusing on short term tactical
activities and initiatives that yield quick
wins. Ensure you can measure and show
value of the initiatives chosen - no fancy
stuff. Moreover maintaining Top of mind
Awareness (TOMA) is critical during
such times so one cannot be silent, one
just has to be clever and clear in how they
achieve this objective.
Stretch the budget. In case one has
multiple brands the marketing effort
can be consolidated by focusing on the
mother brand from which all brands can
benefit. In coming up with a promotion
two things are important. Firstly be clear
how to measure the outcome. Secondly
ensure that the brand is not watered down
leading to a damaged reputation long
after the promotion and even after the
tough times.
Seek help by tapping into others in the
organisation and exploring many options.
Also attending events like this Power
Breakfast among others is useful in getting
and sharing ideas from experts as well
as other attendees from the marketing
fraternity facing the same issues.
Have a positive and winning mind set.
Embrace ‘it can be done’ attitude. A
team or individual cannot navigate tough
times if they don’t have a positive mind-
set.
Don’t Ignore Technology. Use smart
technology to reach and serve customers
where possible. Technology is useful
as well in data mining providing
information that is useful in crossing
or unearthing growth segments in the
market that may not be apparent.
Stay close to your customers: it’s
difficult to attract new customers during
downturn so reward your existing
customers appropriately. They are
looking for simple things like discounts!
Understand their changing behaviour
during these times.
Focus on people. Mentor, coach, retain,
and grow them. These are the ones who
deliver the service to the customers.
Robert Wamai is a trainer and advertising
consultant, a passionate consumer
advocate and believer in the power of
brands. You can engage him on this or
related matters via email at: Wamai.
[email protected].