| by Kathy Bryan, Georgia SBDC Saas Fee alberghi economiciThe red-hot economy of the past decade is cooling. Sales are down. Businesses are cutting budgets. Typically, the first items cut are those that are most difficult to manage and understand. Often, marketing is at the top of the list. Despite a weaker economy, it is critical for an entrepreneur to continue to market his products. Slashing the marketing budget will only contribute to a decline in sales. During tough times, all businesses must heed the following marketing truths:
 "Marketing money is like fuel in the car. You take the fuel out of the car and the car stops."
This quote, in a recent issue of Marketing News, comes from Sergio Zyman, former chief marketing officer of Coca Cola and current president of Zyman Marketing Group. A successful company acknowledges that marketing is an essential part of its corporate strategy. All managers and employees should understand the company's marketing goals as well as the role each company employee plays in marketing the company's products. When the economy is good, market your product to differentiate. When the economy is bad, market your product to gain an advantage. What better time is there is to market than when the competition is silent? Competitors are also evaluating budgets and many will cut marketing dollars. This is an opportunity to gain market share at the expense of the competition. In addition, expect a decrease in advertising rates due to decreased demand. Existing customers are as valuable as gold in the bank. Customer retention should be part of every company's marketing strategy. Studies indicate that it costs five times as many marketing dollars to attract a new customer as it does to keep an existing customer. Communicate frequently and meaningfully with customers. Let them know they are an integral part of the company's success and thank them after every sale. Verify that each customer's needs are met. Remind customers of benefits and value. Ask what additional products or services the customers require. Marketing is an investment in the company's future. Consistent marketing insures that customers and prospects remain aware of the company's products. In "Advertising in a Recession," Patrick Barwise of the London School of Business recommends avoiding panic reductions during short-term economic downturns. The loss of brand awareness by customers and prospects far outweighs short-term savings realized by a reduction in marketing. Analyze marketing successes and failures It is difficult to calculate a return on the investment called marketing. Every company needs a process to determine the effectiveness of each form of marketing. Analyze and duplicate successes. Analyze and avoid failures. Call a Small Business Development Center today and request marketing and other assistance during these tough economic times. Business consultants are waiting to help! > See also Marketing, Advertising & Sales | 
