With all the fearmongering going on right now about how awful the economy is, one thing that a lot of people forget is that it comes and goes. Like everything in our existence, the economy goes in cycles, pendulum swings if you will.
Unfortunately, one of the first things that companies do during a tight economy is cut their spending on marketing. This is a mistake — what you really need to do is figure out what performs well, and spend more money there. Spend your marketing dollars wisely, and the returns are spectacular, even in what appears to be a frightening economy. This might be a newspaper ad, a broadcast piece, a web site, flyers on your neighbors’ doors. Whatever works is where you should concentrate your energy. If it doesn’t perform well, dump it.
It’s the fear that gets us: on these reports of a bad economy, people (and companies) react by tightening their belts and reducing their spending. But it’s that very reaction that further slows the economy. We can all help keep it greased by continuing to spend money where it’s necessary. Even in flush times, we should not be stupid, because like all good things, that too must come to an end.