Tag Archives: economy

You Gotta Live in the NOW

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At the risk of looking like a total kiss-ass to my boss, I’m going to quote him: “Without the short-term there is no long-term.”

This principle is amplified about 1000% in a weak economy and has become my mantra for each and every day.

As a marketer, adopting the “live in the now” philosophy has been challenging, educational and rewarding.   I prioritize 100% of every single day what is important NOW.  What will move volume NOW?  What will produce revenue NOW?  This shift has resulted in me understanding and appreciating what happens at the point of purchase: on the shelf  and out relationship with key stakeholders in the trade.

Yes, consumer pull and long-term branding still matters – but when cash is tight for brands, retailers and consumers, you gotta live in the now.

The Fan Based Economy

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Bud Caddell posted a great presentation on SlideShare about what he calls “The Fan Economy.”

I’m a big fan of this philosophy and believe that it makes even more sense in the new economy.  Here’s why:

  • It’s a whole lot easier to get a current consumer to BUY MORE than it is to get a new consumer to BUY FOR THE FIRST TIME.
  • Awareness is nice, but does it sell stuff? Image is nice too, but does it sell stuff?  Yeah, sometimes – but fans making recommendations sells a whole lot more and on a much more consistent basis.
  • Does anyone have money to risk these days?  To me, advertising is a huge risk.  Strengthening the bond with loyal consumers is the safe play.

I found this thru my friend Owen Mack of CoBrandit on Facebook.

Recession Marketing Strategies

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I don’t know about you, but I get asked this question everyday: How are you adjusting your marketing strategy in a down economy?

Here are my thoughts:

  • Invest in people.  Good people will always figure how to get the job done, even in adverse conditions.
  • “All hands on deck.”  This means everyone in the organization takes on a sales mentality.  Make sure everyone is trained on how to identify a sales opportunity and how to take advantage of it.
  • Put together a list of your Top 10 ways to save some money.
  • Be consistent.  The last thing you want is for your business partners, retailers, distributors, consumers to think you’re panicking.
  • Play it safe, but don’t play it stupid. Yes, that advertising buy may make you look good in front of your boss or the board of directors, but is it going to sell product?
  • Find ways to engage in conversation with your heavy users and fanatical consumers.  More than ever, your brand’s stalkers are going to help you spread the word.
  • Get uber-focused on your goals.  If your marketing tactics aren’t directly affecting your core business objectives in a positive way, you probably shouldn’t be doing it.

Do have any other points to add to this?  Drop a comment if you do.