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Connecticut AMA Blog
September 17, 2009 « Marketing and Fashion Week
September 17, 2009 « New Poll: Strongest Influencer in 2010
November 4, 2008 « New Collegiate Chapter Page
October 27, 2008 « The Total Business Equation
October 9, 2008 « FOLLOW UP: Viral Marketing
October 3, 2008 « Economy, Politics and Marketing, oh my.
September 25, 2008 « “Buzz” Marketing | Wine Tasting
September 23, 2008 « College Corner 09.23.08
September 23, 2008 « Sarah Palin and Tina Fey
September 22, 2008 « Entry.01
« Welcome to the AMA blog!
Economy, Politics and Marketing, oh my.October 3, 2008
How can we not worry about what the economy is doing these days? The Dow Jones is on a roller coaster ride, making much of America nauseous. Our anxiety over what is happening in the economy is making for sleepless nights and nervous gazing upon dwindling shares and evaporating dollars in our own retirement plans. This is even more compounded for those who are closer to retirement.
The entire political arena and Capitol Hill have been on the edge over this “bailout plan”, trying to find a formula that “works” for the country. When they fail to put something together, it results in the typical “finger pointing” and drawing partisan blame. The blame is then coated with political mudslinging as both presidential campaigns are affected. One side claims to put “country first” while the other side sits back with an “I told you so” attitude. How is this working for “America?”
So, before this blog is turned into another political mess, let’s just agree that something isn’t working. So, what can we, as marketing professionals, learn from this? What does the unstable economy and political arena teach us? How can we apply these lessons to business and marketing?
Analysis and Change. My thoughts lead me to believe that when something doesn’t work, it needs to be fixed. Expecting different results given the same circumstances is absurd. Adjust to the scoreboard. Realize the weaknesses and areas where improvements need to be made and implement them.
To do this, we must first begin by having a thorough understanding of exactly where we are. There is no substitution for doing your homework. Roll up your sleeves and get a true read on how each of your marketing elements is working. Avoid the temptation to use emotional attachment to a program, or aspect of a program, as a reason to continue doing the same thing. What is the return on the investment? Research. What are your competitors doing? What benchmarks exist in other industries that could help your company?
Change. Don’t change for change’s sake, but change. Every company and every person as an individual have areas where improvements can be made. Think of it more like a metamorphosis. An evolution. Sometimes a tweaking is all that is needed. But sometimes a complete overhaul is mandated. Which do you need? Our country is demanding change in our economic and political systems. Now is the time to take a deeper look at our marketing plans for 2009. Go back to basics and reassess the situation and business environment. Be proactive and make changes…before it is too late. What do you think?
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