Musings of the Creative Noggins

It’s interesting in this economic downturn to hear the words of wisdom that so many are spouting.  Although, we’re finding that it can be hard to know who to really trust since this is a time unlike any we have known in our history. 

Marketing guru Mike Linton, a multi-disciplinary, multi-industry CMO who has worked at Proctor & Gamble, Progressive Insurance, Best Buy and eBay, recently shared five points for marketers coping with the economic downturn that, although they are fairly broad philosophies, at their core ring true.  Not a bad five to paste up next to your computer:

• ” Balance between short-term and long-term profitability.  Linton cautions marketers to think like Intel and P&G, who invest in good times and in bad.
• Be objective about what’s truly happening.  Be honest about the forecast and expectations.  Don’t bend the math to make the story.
• Customers will buy the brand benefit.  Don’t let the core brand benefit degrade.  If price becomes the primary reason to purchase, your brand is at risk.
• Marketing is math.  Make sure you’re being fact-based, and build programs that align with the current realities and the measures that drive the company.  These are usually sales, margin and profit, not specific marketing measures.  Work to connect the marketing measures to the key financials.
• Compensation drives behavior.  Get everyone on the same page–marketing staff, agencies and suppliers.  Compensating for specific marketing measures can create a divided house as well as a disconnect with the rest of the company.”