I just read a great article in Advertising Age magazine on what CEO’s and CMO’s (Chief Marketing Officers) are learning thanks to the recession.
It suggests four (4) things that CEO’s and CMO’s are learning to respond to in these ‘interesting’ times.
Consumer Behavior Shifts
- Perception is reality
- Positioning modifies Perception
- Aligned perception modifies buyers’ behavior
- Focus on creating / communicating VALUE over dropping price
- Align what you’re offering to be attractive to a price-sensitive consumer
- Don’t drop price without first creating and communicating the value you offer
Leveraging Your Marketing Budget
- Learn to ‘do more’ but ‘with less’
- learn to ‘be creative’
- learn to co-operate with other partners to promote your business
Embrace the Internet
- Online media is the future . . . don’t shy away, learn it and leverage it
- Go beyond advertising — consider your website, blogging and social networks as well