Tag Archives: budget

Watch out for the most common marketing mistakes during a recession

Roughly 60% of American Marketing Association (AMA) members revealed that the worst mistake marketers can make during an economic slump is halting or reducing spending on key marketing programs, according to an AMA survey.

Other big mistakes include focusing on short-term tactics and sticking to the status quo, according to AMA member marketers.

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.

After analyzing their survey results, the AMA outlined four strategies to help marketers improve their plans and get through the recession:

  1. Shape the message, don’t slash the price. Shape your message to highlight the value of your product or service instead of dropping your prices.
  2. Focus on whom not to target. Refine your target audience and focus on segments that will produce the greatest ROI.
  3. Stand apart from the crowd and invest in innovation. During times of economic uncertainty, marketers are less likely to take any risks on a new product or service. But, investing in research and development now will put your company in a good position when the market turns around.
  4. Sustain the brand. “63% of marketers say they can lessen the impact of a downturn by investing in brand building as part of their marketing plan.”
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Fun with links: Social media predictions, business blogging, recession marketing and more

There’s just too much out there right now to write a post on just one, lonely topic. So, I decided to share five small snippets of the latest and greatest information for business to business marketing on the Web, and here it is:

  1. What does 2009 hold for the world of social media and content marketing? Nobody may know for sure, but many, 42 to be exact, have made their predictions. From getting cheap to a backlash against social media, read what the Junta42 Top 42 bloggers have to say about social media in 2009.
  2. Just because you build it, they won’t come. Social media has the potential to bring success to many businesses, but not every company is meant to blog. Read through the 5 musts of business blogging at Drew’s Marketing Minute to find out if blogging is a smart endeavor for your company.
  3. Are you on Twitter? Are you still trying to figure out why you’re there? Whether you’re there or not, people will be praising and complaining about your company with each other on Twitter. Learn how to engage with the Twitter community and win over the hearts of your audience in this post from TwiTip.
  4. Blog marketing could quite possibly be the cheapest form of marketing out there right now. With a blog, there’s no need for expensive print, radio or TV ads and the uncertainty of their effectiveness. Learn why blog marketing is cheap marketing and effective marketing in this recent post by Remarkablogger.
  5. We’re in a recession and things are changing, including how we get our products and services to market. Cutting marketing budgets during a recession may be the worst idea marketers can go through with when tough times hit. During a recession, learn how to market better instead of marketing less in this post from the Marketing Hive.