Big Brand, Small Budget

Mon, 19 Jan 2008 9:30pm EST

A lot of people have been emailing me some random questions and inquiries on branding and marketing strategies in this unpredictable market. I've recommended a pathway to a bigger, stronger brand on a smaller budget:

1. Rewrite for the new economy.
Remember this isn't 1998. The world changed overnight and so have your customers. Marketers with budgets try gimmicks to shock people when they need to generate business in steadier markets. Not in this landscape, not in your lifetime. Subservient Chicken and Etrade's vomiting baby may have garnered awards in my industry, but it didn't sell product (you'll notice Etrade's more informative tv commercial now). It's time to reconsider your brand. How does your brand fit into today's landscape? Think about what you are selling and how that makes sense for your customer in today's market. Write these points down, refine them and make it known that you are not just a company, but an entity full of humans with a conscience who will serve up solutions based on current needs.

Once you've refined those key points, build support internally and externally and commit to these new messages. It's important.

This tactic is in play now in the financial industry. After coming back from a job interview at a notable New York hedge fund, my friend called me to tell me there was a sign in reception on a beautiful easel that announced their new mission and their new positioning.

Remember the world and it's people have changed overnight. Your message and your brand must stay relevant. And if you are a financial company or a car company, it's especially important to do this.

2. Be optimistic. Optimistic. O-P-T-M-I-S-T-I-C. Beeee Optimistic!
Everyone knows the market is down and unpredictable and that things really suck. Shut up about it. Economic tsunami? Deal with it and uplift your fellow existing and potential clients with optimism. When confidence is restored, that is a good first step to creating new economies.

3. Invest your time.
Invest time in your customers if you don't have your budget yet: If you are restructuring your budget and your numbers are scaling back the most effective and least expensive marketing tool is customer volunteerism. Create an online community around your service. Drupal, Facebook, Blog. You are the experts, so create topics, blogs, volunteerism around your brand. This may not be the only solution, but it's a good start until you have your budget numbers.

4. Network:
Meet people and encourage your staff to create new relationships. At a time when people are restructuring, networking is a good foundation for Q2 an Q3 business. Networking shouldn't be specifically under the auspices of nailing business, but with the intent to understand how other business has changed. Wecannot move forward in a vacuum.

5. Continue to innovate:
Companies are not all collectively rolling over to die. There is still an economy and business to be had. Be what business you are in more than ever. A companys' character can be created during tough times. And you'll not be forgotten.