Recently I was asked to provide my philosophy on marketing in a down economy by a marketing publication In response to that request, I penned three marketing planning principles for dealing with a bad economy. These are just my thoughts and I would be interested in your feedback to my thoughts as well as any different POVs.
Principle 1: Seek out pockets of demand, and invest
Take a closer look at the marketplace for areas where consumer demand remains relatively strong or where demand is emerging as a result of the weakening economy:
First, identify and focus investment on your highest-value customers. These customers are your most identifiable and reliable source of revenue and profit across your business; and because they are enthusiasts for your products or services, they will be most likely to continue spending in your categories during a down economy. At Best Buy, we can identify them through our database and loyalty programs, so we can target offers, communication, and investment directly to them.