So there’s a downturn in the economy and many companies – including your competitors – are hunkering down and going into protectionist mode. It is a reflexive response to cut your marketing, advertising, and public relations budgets in a recession. But it is precisely in a tough economy that you are presented with your greatest branding opportunities. In good times, the marketplace is flooded with ads, promotional campaigns, sponsorships and sales representatives knocking on doors. Right now, these efforts are more like a trickle. That means that you can get more for your money – even with a limited budget – because the cost to secure a larger share of voice is much less when you are among a select few being proactive.
For those companies that have managed their finances and overhead responsibly – hopefully your company is included in this mix – this is the time to ramp up your efforts and position your company for growth, either now or as the economy begins rebounding. Buy low, sell high. Don’t do things the way everyone else does it. Do the opposite of what everyone else is doing. That is how great companies excel, stand out, and build a distinctive brand.