We have wrapped up our four-part series on developing your strategic marketing plan. Based on the calls and emails I’ve received, it touched a nerve with quite a few readers. This month’s column was scheduled to be the first in our “communications audit” series. However, one sign of a great marketing program is flexibility, so I’m going to heed my own advice and allow market conditions to move us in another direction at least for this month. Not that any of us needs to be reminded, but we are in the middle of our fifth, and deepest, recession of the past 35 years. 1973: 16 mo. OPEC oil crisis 1980: 22 mo, Iranian revolution, oil 1990: 8 mo. multiple reasons 2001: 8 mo. dot.com and 9/11 2007: ongoing, multiple reasons According to the research, firms that become more aggressive, or at least maintain their marketing efforts during economic downturns, will recover sooner and stronger than their competitors that don’t. Historically, that sound bit of advice is as well received as knowing that eating better and exercising more will improve health and extend life expectancy. In other words, in tough economic times, companies will generally target marketing budgets as among the very first to be cut. It may be done reluctantly, but the marketing budget is almost always cut. However, this year, for the first time ever, I am seeing a change. Let me start with a tale of two bankers. I had lunch with a friend who is president of a small regional bank. We talked about the obvious challenges in his industry and how his very prudent (and traditional) reaction was to lay off staff, reduce expenditures and slash marketing to almost nothing. He called it “turtle-ing.” Later that same afternoon, I received a call from the head of another small bank, who sees the exact same economic conditions and challenges and is reacting in exactly the opposite way. He wanted to meet ASAP to discuss an aggressive marketing campaign, explaining that management’s motivation was twofold: First, to let their customers and prospects know that they are still here, still operating and still strong. Second, to position their bank as the one to turn to now and when things get better. Knowing just this much about these two banks, which one do you think will be better off a year from now? I agree! While there is certainly no shortage of companies that are cutting their marketing budgets, there are a growing number of firms that are taking a different, decidedly aggressive approach. I believe this is because they see this recession not as a temporary lull to ride out (the last four recessions have averaged just over a year in length), but rather a paradigm shift in the U.S. and world economy. As a result, they are looking at this strategically (how will my current actions impact my long-term prospects for success?) and as an opportunity to gain ground on less forward-thinking competitors. Understand, I am not suggesting blindly moving forward with aggressive marketing campaigns, any more than I am recommending across-the-board cuts or other traditional, knee-jerk reactions. Nor do I pretend to have all of the answers. The changes we are facing have not been seen in our professional lifetimes (and not since the Great Depression) and people who say they “know” all of the answers are lying to you, themselves or both. However, history does show that aggressive marketing during economic downturns is rewarded both short- and long-term. History also shows that the most successful businesspeople are those who think that now is the time to gather information, analyze it and make prudent, well-thought-out decisions. What is your competition doing? What is happening in your little corner of the market? What opportunities are being created? Can you think beyond “cutting every department 10%” and, instead, see where in your business investments should increase and where they can be reduced? While you’re doing that, I have a campaign to develop for an aggressive regional bank that I think I’m going to buy a little stock in. I’m betting they’re going to be winners! Scott Harris is the owner of Mustang Marketing, a full-service marketing agency that has served the San Fernando Valley for more than 20 years. He can be reached at [email protected].