Almost 60% of American Marketing Association (AMA) member marketers say the biggest mistake marketers can make during an economic downturn is halting or reducing spending on key marketing programs, according to a recent AMA survey.
Other big mistakes include focusing on short-term tactics and sticking to the status quo, AMA member marketers say.
Over 65% of survey respondents say the slowing economy is having a significant impact on marketing plans, making it a challenge to:
- Demonstrate the value of marketing in the face of decreasing sales,
- Reorganize marketing tactics to match changing business objectives, and
- Focus on long-term marketing strategy.
With the results of the survey, the AMA outlined four strategies to help marketing plans during tough economic times – “shape the message, don’t slash the price; focus on whom not to target; stand apart from the crowd and invest in innovation; and sustain the brand.”
For a complete run through of all the strategies, read the full article.