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Don't Stop Marketing
_by June Van Klaveren
For well-positioned companies, an economic recession should not prompt marketing cutbacks, but rather it should spur an aggressive increase in marketing spending to achieve superior business performance according to research authored by Gary Lilien and Arvind Rangaswamy of Penn State's Smeal College of Business.From 1980-1985, McGraw-Hill Research analyzed the marketing spending of 600 companies. At the conclusion of the study, McGraw-Hill concluded that those firms that maintained or increased their advertising during the recession of 1981, experienced an average sales growth of 275% over the next five years. But those who cut their advertising saw sales growth over the next five years of just 19%.Athletes often mount attacks in times of stress: strong runners and bicycle racers increase their pace on hills or under other challenging conditions. Similarly, marketing during slow times is like ramping up athletically on tough hills. You become stronger and build momentum.Here are some ideas for marketing during a less-than-desired economy.
June Van Klaveren owns Compelling Communications, a company dedicated to helping clients acquire and keep customers. Call 800-779-0067 to learn how! Or visit www.compelcom.com.