Marketing through the Financial Chaos
By Ed Keller, professor of marketing, City University of New York

Some have labeled the current economic crisis a huge Ponzi scheme that has finally run its course. But whether you believe in regulating the markets or not, the issue at hand seems to be to preserve an economic model that allows businesses access to credit, and entrepreneurs the chance to succeed. For us to turn things around, we need to restore business confidence that has not been this low since the 1930’s. We need to create an environment that enables free enterprise to thrive so that we have a chance to realize our dreams. Where does marketing come into the picture? What role can it play to turn things around? 

1. Marketing is a business tool that relies on truthfulness. Whatever your product may be, your goal needs to be to convince your purchaser that they can have confidence in what you are selling. And that’s what good marketing is about. Rather than living in an “all’s fair in love and war” environment, the underlying strength of your marketing effort has to be the ability to communicate that your product or service can be trusted. And it is your marketing program that represents your contract between the product and purchaser.

2. Marketing is an investment that you make in your product. To get the most from your investment, it is incumbent upon you to constantly seek to provide a product or service that lives up to the marketing that you use to support and sell it. Remember, you can fool the consumer once. But no one will be fooled twice if your product or service doesn’t deliver. So make sure your marketing effort reflects your product or service.

3. Advertising is the communications tool essential to a successful marketing effort. So you need to do the things that I have mentioned in previous columns. Differentiate your product or service versus the competition. Be sure you know the key benefit your product provides. Understand what you want your consumer to take away from any communication you make about your product. These simple rules will enable you to develop a message that the consumer will trust. Following the above will enable you to be believable. And isn’t that what we all want to be--particularly in light of what has been happening in the marketplace?

4. You need to create great advertising in order to survive--particularly in this environment. More than ever, you need to think long term. And that is the role of advertising—to build sales long term via development of a positive brand image. To do this, you need to be creative to break through the incredible noise that permeates the marketplace. This may sound simple, but I contend that creativity is the hidden ingredient that is the difference between success and failure.  

There is a silver lining.

Given these tight economic times, marketing and advertising efforts are often cut back as they are investment expenses. So if you have a product or service you believe in, you have an important window of opportunity. You have the chance to be selling when the competition is silent. What better time to be out there in the marketplace?