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Outperforming During a Recession! (February, 2009) Setting goals and objectives is often difficult during economic uncertainty. We are now officially in a recession and get bombarded daily with negative news on the economy. Consumer confidence is at an all time low and while the new administration is committed to stimulating the economy – experts are unable to determine when the economy will turn. Surprisingly, this may actually be an opportunity to strengthen your position in the market. While your initial reaction is to burn the checkbook and take a wait and see attitude, the exact opposite proves out in economic studies. Studies prove that companies that maintain or increase their advertising during a recession find themselves far ahead of their competition during and the years following the recession. Businesses who cut back during the downturn took longer to recover after the markets got better. Now is the time for smart companies to seize market share and position themselves to lead the inevitable economic turnaround. Business owners must remember what it was like to start a new business, gain name recognition and entice customers. Withdrawing from the public until the economy picks up and cash-flow increases will mean having to reinvent the company all over again. A cost that will weigh far more than a few quarters with lower than average profits. Maintaining market identity costs much less than rebuilding it later on. Advertising through both boom and down times sustains the necessary brand recognition. History shows that companies that fare the best during hard economic times do so by continuing to communicate with customers and build their brands regardless of temporary economic conditions. These companies actually increase their advertising and marketing spending during economic recessions, and later reap huge dividends on their investments. If a company fails to maintain its market identity during an economic downturn, current and future sales are jeopardized. During an economic downturn, a strong advertising/marketing effort enables a firm to solidify its customer base, take business away from less aggressive competitors and position itself for future growth during the recovery.

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