A down economy is not the time to cut marketing!

During a down economy investors strongly recommend buying, not selling. Diversify… yes. Mitigate risk… definitely. Sell… absolutely not! Why? Because selling now is selling short, and when you sell short you lose money.

Marketing is the same way. Marketing is not an expense, rather it’s an investment into the company’s future. Let me say this again MARKETING IS AN INVESTMENT, NOT AN EXPENSE. If you cut marketing you are selling your company short.

Just so I don’t seem completely off base, here is what major industry players are saying.

“Historically, PR, Marketing and Advertising budgets are the first to be cut; however, that could be one of the first mistakes a business makes in an economic crisis.” –  CBSMarketwatch

“In a downturn, aggressive PR and Communications strategy is key.” — Doug Leone, VC, Sequoia Capital - Silicon Alley Insider

“It’s incredibly important to be risk-takers in the economic climate we’re in, when people have a tendency to pull back. In economic times like these, you don’t hunker down and go in the bunker,” — Michael Mendenhall, senior vice president and chief marketing officer at Hewlett-Packard - New York Times

“Ramp up PR and marketing communications aggressively,” — Marketing Sherpa, (summary of Sequoia Capital presentation takeaways)

“Don’t go to the ledge. Don’t let the urgent overwhelm the important. It’s very easy now to panic, and we cannot panic. Invest in your brands now, especially in these dry times. The easiest thing is to shut down, and that’s the worst thing.” – Joseph V. Tripodi, chief marketing and commercial officer, Coca-Cola - New York Times

Now is the time to market. Now is the time to buy more market share for pennies on the dollar from your competitors. Right now they’re short selling. Do everything you can RIGHT NOW to strengthen your position.

Cut expenses everywhere you can and invest it into marketing and corporate stability.

Ken Pettit
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