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Bad Economy? Good Time to Innovate

Many companies get very conservative with their marketing in a bad economy. Justifiable so. The ROI is tougher to retrieve. However, one observation I’ve made after watching 100’s of companies is that innovative marketing approaches always yield an ROI.

What to do in a tough economy is not to stop marketing, but to push the edge on innovation. Innovators are cleaning house while everyone else is sitting on the side lines.

What areas are good areas to innovate in? Here are ideas I have for getting marketing traction:

  • Social Networking – no one seems to know how to quantify ROI yet, but everyone is doing it.  Results are coming back.  Areas to apply?  Tradeshows, announcements, introductions.  Don’t over do it, but do something.
  • PR – the online world has changed PR.  Communicating online to the world is much different than press tours and pitching editors.  If you haven’t figured this out yet, better jump in and experiment.  I’m not giving away our tricks here, but I’m telling you there is an ROI in figuring them out.
  • Thought Leadership – seems lead gen is going more in this direction.  Nobody wants a frontal attack with a pitch on your company or product.  You have to first say something intelligent about your space. 🙂  Try to contribute to society by first telling them your ideas and what problems you can address then maybe you will earn the right to tell them about your company.

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