Keep advertising: don't lose mindshare.

• Author: Bohi, Heidi

Imagine a world where marketing is self supporting, pays back multifold what it costs to execute and reaches every potential buyer in every appropriate sector every time. In tough economic times especially, this is often the standard a company's executives expect the marketing budget to live up to. Even with all the planets aligned, it's an impossibility. But if you're thinking of cutting the marketing budget now, then ramping up when the economy get better, it may be the worst thing you can do, says Karen King, president of the Nerland Agency.

First, your company, product and brand will languish in customers' minds. Not advertising also weakens your position internally: once you give up your piece of the budget, chances are you'll never get it back, and even internally your customers and brand will be seen as less of a priority. In the meantime, other competitors may choose to increase their advertising and successfully take away mindshare and, ultimately, market share. When times get better, the competition's newly increased product awareness and momentum may boost their success further and faster than those who have pulled back.

Here are several other considerations King recommends taking into account when evaluating your marketing strategy during an economic downturn.

1. Take advantage of less competition for share of mind. As your competition reduces advertising expenses in an attempt to increase its bottom line, you have the opportunity to gain brand position, category leadership and, market share - both now and as the economy recovers.

2. Shape the message, don't slash the price. Only 3 percent of marketers say it is important to adjust pricing strategy to help sustain and grow business during an economic downturn. The reality is that emphasizing price only works for those with an ongoing low-price strategy. Instead, conduct research to understand...