The current economic situation is affecting everyone. Companies are bracing themselves for another difficult year and sales are expected to be far lower than in previous years. Unfortunately some sectors have been hit very hard; retail, finance and property in particular, and when huge chains like M&S and Woolworths announce part or total closure it really does speak volumes to the lack of confidence out there. In an attempt to combat this many will try to reduce their operating costs through staff restructuring or redundancy, outlet closures and other measures. In these circumstances their marketing budget could also be reduced to save more money. The question I ask is whether this is counter productive?

I believe that right now marketing is of paramount importance. I would even suggest that activity should be increased. I suspect those companies that decide to cease any form of marketing communication in order to save money will become further casualties of this financial predicament. Perhaps the form of marketing should be more carefully considered to maximise the return on investment. By studying previous campaigns you can build a picture of what has worked and why. Perhaps you could send email campaigns to your client database instead of the traditional print and post methods. Online businesses can increase traffic to their site through search engine optimisation, social networking, blogging or Google adwords – all these may be better and more economic options than a full page press advert or exhibition stand at a trade show. Every business is different so it's important to tailor it appropriately!

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