Marketing Your Way Through a Recession

In a working paper published in March 2008, Harvard Business school professor John Quelch outlined several important steps for company success during these tough economic times. To read the whole article (it's short and succinct!), CLICK HERE. In summary, there are several important things to do:

1) Research the Consumer
Understand the impact on redefinitions of value, price elasticity
2) Focus on Family Values
Adjust your MarCom messages and new product development plans
3) Maintain Marketing Spending
Now is NOT the time to cut this item!
4) Adjust Product Portfolios
Products need to address the new consumer realities
5) Support Distributors
You need to read this paragraph in this article! CLICK HERE
6) Adjust Pricing Tactics
The role of temporary price promotions, credit policies, smaller pack sizes
7) Stress Market Share
Know your cost structure so that cuts/consolidations have minimum customer impact
8) Emphasize Core Values
Reassure good employees, maintain quality, service existing customers

In summary, Professor Quelch says, "Successful companies do not abandon their marketing strategies in a recession; they ADAPT them."

(One of the best benefits of having worked my tail off to get a Harvard MBA is the fact that the school never lets you get rusty. Their emphasis on lifelong learning means a constant stream of newsletters, working papers, seminars, etc. that is truly astounding. I'll cull the most timely of these for my blog from time to time, to share with you. )