5. Keep it light
Just because the economy is sadly wanting doesn't mean consumers want to be reminded of their uneasiness in every communication. A little humor, particularly of the self-deprecating variety, will be most appreciated by your otherwise stressed-out target. If there is humor to be found in your DNA, now is the time to unleash the smiles.
Entertainment companies, for example, will be wise to break out the comedies after finding a happy ending to the writers' strike. I'm reminded of the depression era-based movie Sullivan's Travels in which the protagonist (a movie director played by Joel McCrae) searches for a serious theme for his next feature. What he learns is that laughter is the ultimate tonic during tough times.
6. Avoid the middle
A waning tide may lower all boats but some will surely ride this out better than others. My money is on strong brands with high net promoter scores who are consistently delivering genuine and perceived value. Weaker brands with little customer loyalty will find themselves stuck in the middle, neither cheap enough to overcome their shortcomings or expensive enough to attract the ever-spending affluent crowd.
This is a bad time to be Sears and a better time to be Best Buy or Bergdorf's. Sears is stuck in the middle without competitive advantage on price, value or service. Best Buy offers both value and service (via Geek Squad) and Bergdorf's regulars are unlikely to cut back drastically. Mass consumer brands with a wide range of products would be smart to emphasize their high-end and entry-level models, again with the goal of avoiding the middle.
7. Partner with non-profits
Non-profits will undoubtedly feel the pinch as their supports cut back on donations. This happens in every downturn and is really painful for the non-profits who continue to perform an incredible range of socially beneficial services. Mobilize your employees and your customers behind the non-profits you truly believe in and you will be amazed at the good will and good business you will do as a result. The non-profits will be so grateful for your support that they will bend over backwards to ensure you achieve your business goals not just now but for many years to come.
It may seem counterintuitive to increase your corporate social responsibility now BUT that is exactly why it is worth considering. Your employees undoubtedly will respond with increased loyalty that will also translate into higher productivity.
8. Hedge your bets
Market volatility is not a new concept yet many companies are remarkably vulnerable to changes in the economy. Savvy marketers are turning to sophisticated forecasters who can not only anticipate changes but also offer hedging solutions. With some progressive thinking, marketers can find some means of protecting against the key variables that impact their particular industry.
In the field of weather, for example, a new company called Storm is helping a variety of companies from makers of outerwear to power companies determine the business cost of variable weather conditions and then helping them hedge against abnormal conditions.
9. Keep your ear to the ground
If you don't have a full-time "social media director" on staff, get one quick. This individual needs to be on the internet every day, monitoring the chatter about your brand. Since bad news spreads faster than a blaze in the Malibu hills, active blog monitoring is the first line of defense, offering a firewall between your brand and an image-burning disaster. Your clearly identified (no pseudonyms please Mr. Mackey) representative can set the record straight, respond to performance complaints and keep you informed when problems aren't being addressed in the field. She may even turn a customer into an advocate simply by acknowledging the person's comments.
Given how few companies bother to engage their customers, those that do are frequently met with "wow, I didn't know you cared that much" and vows of eternal loyalty -- loyalty that will float your boat long after your competitors succumb to the economic down currents.
Drew Neisser is CEO of Renegade. Read full bio.