In an ideal world, marketing activity would be self supporting, always pay back multi-fold what it costs to execute, and be effective in reaching every potential buyer in the appropriate sector all the time. But in the world where the sky is blue, marketing activities are driven by several factors, including perceptions of the company and the head marketer there, economic forces that drive consumer behavior of all types and factors beyond your control.
As a result of these factors, marketing budgets are at the mercy of the reactions of the company to these perceptions. Many of these perceptions are flawed, skewed, marred by history, personal experiences of senior management, and most have no historical precedent or foundation.
Myth #1—“Our brand is strong enough not to need support for the duration of the downturn.”
Fact: Few brands are strong enough to survive without advertising, product promotion and customer service support. Brands are like delicate houseplants – they need attention, support, bolstering, and polishing, (the marketing equivalent of nutrients, light and water) – or they will wither and shrivel to a shadow of their former self. This is not a position you want your corporate brand to be in when the growth engine for the economy revs back up. [Read more…]