Marketing has taken a hit on both sides with cutbacks by their companies and their customers. For example, on the business side, a great example would be Estée Lauder reflected in 2009 what’s happening at companies across the country. William Lauder, CEO, told Business Week last year that he prepares for the worst by asking every brand manager, “What must you have? What would you like to keep going? And what can you give up?”  These are all important strategies to keep in mind as companies are watching their bottom line costs without sacrificing their marketing messages to the right target audience.

Many other companies have implemented drastic changes. AT&T and General Motors slashed their 2008-2009 marketing budgets, while Visa consolidated its ad account at one agency to save money in 2009. What does all this mean to a business in today’s economy? According to a 2009 article in the New York Times, “Cowed by the financial crisis, American customers are pulling back on their spending.” Business buyers are following suit, as Sam Rovit, a partner at Bain & Co., noted, “Many companies will be forced to cut expenses that in normal times you would not touch” – less money to spend to get customers and businesses to spend what little money they feel they have to spend which is not a good scenario.

There are many articles, blogs, and newsletters that offer advice for what business owners should and should not do to grow their businesses in tough or stalled economic times. We seem to come across a trend article or tips piece at least once every day. We sift through all the hottest trends in recession and stalled marketing tactics and the rash of strategic opinion articles to come up with our own suggestions of what we should “do” or “not do.”

As an Entrepreneur or Senior Level Manager responsible for growth strategies and cost cutting, become a researcher and do your homework to be in the know of what is really going on in the economy.  Subscribe to economist articles from sources you trust.  Take steps to improve marketing effectiveness without spending more in 2010. To do so, be sure to employ significant tactical changes such as:

•    Shift some of the marketing investments from traditional to digital media;

•    Shift advertising investment from brand-building initiatives to promotional marketing;

•    Shift into lower-cost media, such as local vs. national TV or radio spots, 15-second versus 30-second, etc.

With marketing accountability, processes have become strategic imperatives.  The more strategic and focused a business is when determining marketing strategies and, implementing metrics along the way, the more confident they feel that their dollars are being spent in the right place.
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