To be successful in a weak economy, marketers have got to do three things...
Get back to fundamentals, reconnect with their customers, and instill confidence.
Let's start with the fundamentals. Whether a mom and pop or a big box retailer with hundreds of stores, look for ways to increase efficiency an cut costs. Be careful not to make broad, arbitrary cuts in marketing because that's, as a colleague of mine recently stated, like stepping on your oxygen hose.
Re-connecting with the consumer is simple, but it's amazing how many marketers do not take advantage of all the opportunities they could to make those connections. Get to know your customer - understand him/her. Establish what really makes them tick and you can develop offers that are tailor-made for them. This process starts, however, with a well-defined brand personality. Without this, everything you do becomes more difficult, more complex and more costly.
My last point is about instilling confidence in your consumers. We all know that as this recession keeps its grip, consumer confidence continues to slide. Make sure that every communication reassures your consumer that you will be there for them, for the long haul. A confident attitude, communicated with consistent, high quality techniques will reassure the consumer. The so-called economic experts in the media can talk about Wall Street all they want, but for most people, Main Street is the major indicator. If local businesses are keeping their heads up and reaching out to potential customers, that expression of confidence will be contagious.