Marketing in recessionary times

Just came back from a meeting with Tony Chapman of Capital C to discuss a pending client launch.  During the meeting, he made some really interesting comments about how the role of marketers is changing because of the current economic climate. 

While I can’t get into a lot of depth about the discussion (will have to wait until late March for our client’s launch), the premise is as follows: In good times, marketers are responsible for spending whatever budgets they have allocated to them (i.e. use it or lose it). Today, however, marketers need to be thinking about investing that money.

Of course, we’re not talking about investing in the traditional sense (i.e. stocks, mutual funds, etc).  It’s more about investing in the tools, technologies and services that enable marketers to validate their planned spend. What a novel idea – imagine spending a small amount of money upfront to confirm your suspicions that there is in fact (customer) support for your marketing initiative before you go out and break the bank.

We all know that in recessionary times marketing departments are typically the first to feel the pinch. But I agree that the idea of investing first and then spending will deliver greater returns in the long run. In fact, smart marketers may even use this approach to support a request for a larger marketing budget. 

Jodi Echakowitz (twitter: JodiEchakowitz)

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