Minding Your Own Brand

Can you afford not to?
By Dave Lubelczyk

Last week, I received a disconcerting email. It was from the leader of a networking group informing us that due to the recent lack of attendance, he was moving the weekly meeting to a smaller venue. He went on to explain that most people have been citing the economy for their recent nonattendance. This got me wondering why so many businesses cut their most important brand development activities even though it is often the one thing that can help them weather a bad economic period. Despite the fact that most companies still have the resources to better their brand, they often opt to scale back their activities because they think that it will save their precious resources. By not taking advantage of prime marketing opportunities, hoarding their cash and taking a wait-and-see attitude, many companies are slowly diminishing their brand’s value.

In order to grow your brand during this economic downturn, you need to strengthen your relationships, actively promote your brand, and invest in your company. Extraordinary brands are recession-proof. By following these principles, they lead the pack when the economy is good and when things go south, they survive while others die. The most important thing that top brands do best is that they don’t panic. They stick to a solid strategy and keep on growing their brand no matter what state the economy is in.

During tough economic times, the first thing you need to do is stop hiding and complaining. Get out there, be visible, meet new people, and connect with new groups. When was the last time you attended an event for your Chamber of Commerce or networking group? It is always a good idea, but especially in tough economic times, to make sure you consistently strengthen your current connections, re-connect with lost connections and expand your network by leveraging the extended network of your current contacts. While you are connecting, be sure to help others make the sale. Finding opportunities for others is a top strategy for expanding your network and ultimately gaining new opportunities for yourself. When you help to connect others, they begin to value you. By helping them out, your relationship deepens and a strong relationship is the key to receiving referrals.

Next you must spread your message by advertising, sending out press releases and sponsoring events. Whatever worked in good times, do more of it in a down economy. Since times are tight, you may have limited resources and you need to get it right. So spend smart and don’t spend for the sake of spending. Make sure all your promotional activity has a tangible return. A tough economic downturn is no time to simply “keep your name out there” for the sake of “building awareness.” Therefore, if it is not resulting in sales activity and ultimately a sale, modify your approach but don’t stop your activity. Remember there are less people buying, so now is the time where, if you can, you need to spend more, not less.

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