Many articles are being written about how companies should not cut back on marketing during the recession.  While this may be true, many companies have no choice in the matter because of decreased revenues.  So companies are looking for ways to market more effectively.

There’s some great advice in a recent article by marketing consultant David Evans.  Among other things, he suggests looking at new ways to segment your customers more profitably.  For example, rather than segmenting based on purchase size, a company might do better defining customer segments based on their needs.  Once segments with the highest potential are identified, you can focus your marketing dollars on those segments.

Evans suggests refreshing customer insights to understand how purchase intentions are impacted by the economy.  Unsurprisingly, we couldn’t agree more!

An article in the Financial Times makes another great point: companies have an opportunity to stand out when their competitors spend less on marketing.  “Recessions offer us the opportunity to be heard.”  With smart marketing strategy, your company may be able to emerge from this recession ahead of the competition!

To discover the smartest ways to connect with your customers, call us at (818) 752-7210.

Sources: “Follow These 5 Marketing Tactics to Succeed During the Downturn – Part 1: Offline,” evmarkpartners.com, February 13, 2009; “Marketing during economic downturns,” Financial Times, February 5, 2009