Advent Blog

WHY YOU SHOULD MARKET THROUGH THE TOUGH TIMES

Wanaka, NZ

One reason Paul caught more fish than anyone else was that he had his flies in the water more than anyone else. “Brother,” he would say, “there are no flying fish in Montana. Out here, you can’t catch fish with your flies in the air.”

-Norman Maclean, A River Runs Through It

I am loath to add more.  Dear old 14^th century logician, William Ockham might argue that this quote is sufficient to explain why companies should market through tough times citing his famous razor which dictates that the simplest explanation is best.  But cavalier as ever, I’ll flirt with danger and sally forth into the fray of explication at the perilous risk of violating the law of parsimony with zealous hopes of imparting clarity and depth of understanding unattainable by brevity.  Yet fear not for I will sacrifice neither succinctness nor lucidity upon an alter of superfluous fluff.

Harvard Business School professor, John Quelch, advises companies how to market through the tough times.  He urges companies to maintain marketing spending.  “This is not the time to cut advertising.” While other brands are slashing budgets and circling the wagons against recession, brands that increase marketing during a recession can increase their market share and their return on investment for a lower cost than during good times.  Now is when you can negotiate and lock in favorable rates with companies eager for your business.  The fears of timid consumers are assuaged by the reassuring visible presence of strong brands.  When that presence takes the form of direct marketing the sales impact is immediate.

It is well documented that face-to-face marketing is the most memorable form of marketing.  Though the cost per touch is high, it is not as high as you might think.  A study released by the Event Marketing Institute reports that of consumers who reported a positive experience, 98% will recommend you and over half will tell at least 4 people.  Ideally those people would then tell others and quickly one exposure has turned into many.   Word-of-mouth is the most trusted source of information for consumers.  The value of experiential marketing makes it a great buy during slow times.

The myriad of variables that affect trout behavior is daunting.  Location, depth, water color, structure, time of day, amount of sunlight, season, hatch, fishing pressure, presentation, mending, fly choice, leader length, taper, and dumb luck all play a major part.  Catching consumers is no different.  There are a million variables and options.  If your head is swimming, one thing remains clear: if what you are doing is not working, then try something else.  I’ve heard insanity defined as “doing the same thing over and over and expecting different results.”  Be creative.

In your office, you will not increase sales by sitting next to the phone.  Answering the phones faster is not a viable strategy.  Remember, you’ll only catch fish if you fly is in the water and your sales will only increase if you focus on marketing.

Related

Marketing Your Way Through a Recession - John Quelch

Grow your business in spite of the slowing economy - Rhonda Abrams

Marketing in a Slow Economy - Bill Taylor