Tom Asacker

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Don't waste a penny

When asked what single event was most helpful to him in developing his theory of relativity, Einstein answered, "Figuring out how to think about the problem."  Unless, and until, you've figured out how to think about marketing your products and services during tight economic times, you should stop spending money on "marketing."

That's right: Don't waste a penny.  Don't print collateral materials.  Don't run ads. Don't sponsor events. Don't produce goofy videos.  Don't start blogging.  Take a deep breath, compose yourself, and quickly develop a strategic model that takes our new macroeconomic reality into heartfelt consideration.  It is not going to change any time soon.

Am I telling you to curl up in a ball and suck your thumb?  Absolutely not.  Quickly get whatever information you need to understand the feelings and behaviors of your customers, pull your team together, determine how best to uniquely create value for your customers, and then get on with it! But make sure that you have your finger on the pulse of a relevant and meaningful insight, and that you have the money available to execute on your plan and improve people's lives.

Far too often, marketing is the first thing cut by organizations facing a tough economic landscape. Why?  Because the proposed spending isn't typically tied to a strategic plan: one that exhaustively and painstakingly assessed all consumer influences and touch points and provided the most creative, effective, and efficient means to creating customer value.  And make no mistake: when you create value you create customers.  Period! Not media. Not images. Not impressions. Not messages. Value!

Now please don't misread my use of the word "value" for some simplistic notion like price or utility. It's a much deeper and more nuanced concept.  Funny thing is, of the ten value components I've discovered and described in my latest book, only a handful are being leveraged by modern marketers to build endearing and enduring brands.  Why?  I'm not really sure (although I have a pretty good idea). 

Here are three components of marketplace value.  Honestly evaluate their application in your marketing, and then think about what's stopping you:

• Social value
  
  What are we doing to connect our customers with each other?  How are we helping them feel accepted by others?  How does our marketing enhance their reputations? What do we do to fulfill their desire for attention and recognition?  What social currency or lubricant does our brand and our marketing strategically provide?
• Growth value
  
  How does our marketing help people create, learn and grow?  What tools, platforms and events do we uniquely offer?  How are we helping them advance their agendas?  Are we selling, or are we educating?
• Involvement value
  
  Do we allow people to contribute and participate?  How?  Are we providing them with the knowledge they need to take control of their own experiences with our brand?  Do we provide a means for self-expression?

Now is when you have to do your best marketing, not your most.  You must make your brand stand out by making it more relevant and meaningful. If you want to cut through the noise, don't be noise. Be valuable.  It's time to try harder to understand, than to be understood.

Consumer behavior will certainly change over the next 12 to 18 months.  But you have control over whether that behavior will include you or not.

Posted October 27, 2008
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