Marketing Is The Key

I was invited to sit on a panel of three journalists at the Vinings Business Association discussing the top business stories of 2008 and economic outlook for the coming year. The editor on my right, from a regional business monthly, listed stories that highlighted the economy – bankruptcy, foreclosure and suicide. On my left was an editor from the local daily. He noted that the top stories all involved the housing slowdown. Since we don’t even cover those kinds of stories, I took The Bright Side of the news. To paraphrase the TV theme from many years ago: "That was The Year That Was." But remember the second line: "It's Over Let it Go." The Election year Debate of last year was whether there was a recession. The GOP lost that argument when presented with the facts late in the year, and lost the election. But while there people losing jobs, and homes being foreclosed, there were also lines around the block to purchase I-phones and Wii, and the malls were still full of shoppers. If you are going to be in a recession, Cobb County is the best place to be. While Cobb County is not immune to the effects of recession, but Cobb has a cold, not the flu and definitely not pneumonia as the national media would make you think. Homes are still selling here – albeit slowly if you can get a loan – and there's only a 6 month backlog of housing compared to 2 years in some other counties. People still have jobs; they are still eating out, buying clothes and seeking services. Unfortunately they are lacking in consumer confidence. This means less splurging, and more practical purchases. So, what do we do to make it through the coming months or year of this downturn? Marketing is the key to Survival. Don't hide from your customers and continue to communicate with your customers. The last thing you want to do in a slow economy is to ignore the customers who provide your income and profits.

Staying Calm in Crisis

It's hard, but sometimes the best response to a crisis is to remain very calm as you tell the public that the world is crumbling around you. Take for example this first paragraph from a press release from the City of Atlanta and its rapid transit system, MARTA:

"There is a non-emergency operation being conducted on Forsyth Street by personnel of the City of Atlanta. It will involve the excavation of a significant portion of the east northbound lane of the street for purposes of determining why the street is caving in.”

That sounds bad, right. But if you say it very calmly, perhaps it doesn't hurt so much.