The American Marketing Association presents information that proves focusing on short-term marketing, cutting product prices, or cutting marketing itself is not the answer to helping a business during an economic downturn. Thus the AMA comprised a list of marketing don’t-dos during a company’s’ time of need.The AMA first insists the business should “shape the message, not slash the price.” This strategy urges businesses to hone their message to the public and convince them of their product’s value, rather than cutting prices to make sales. By insisting on the value and potential of the product persuasion rather than price cuts can convince customers the product is worth it. Secondly, focus on who the product pertains to, and market within that range. An anonymous survey respondent put it simply, “Fish where YOUR fish are.” For instance,       Do not waste time and money advertising on MTV when your product serves middle-age women.A third outlined strategy would be to take chances while others are holding back. During a time of economic instability most companies refrain from introducing innovative products. Take advantage of their uncertainty and launch a product that is useful and functional to the public during this time. Lastly, build the brand. By fluffing up the brand-name and reintroducing it to the public products can become more valuable or recognizable. Marketers believe it is also vital to stay in touch with executive officers to understand their short-term plans while also pitching long-term ideas. Nancy Costopulos, Chief Marketing Officer of the American Marketing Association drives this issue home with her quote, “The key to success for marketers in this economy will be supporting the short term, and managing for the long term. It is more important than ever that marketers simultaneously run a sprint and a marathon.” Source: American Marketing Association

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