I recently came across a great article about marketing myths in an economic downturn. The article underscores all the wrong ways organizations react towards marketing. Too often organizations view marketing as a discrete function and expense. In doing so, they have this notion marketing is something that can be turned off and on like a faucet. Remember marketing is mindset and a process. Pulling back on marketing is like pretending to be in business. Studies show, companies who adapt and continue their marketing during downturns outperform their competitors.
People continue to confuse marketing with sales. In doing so, they put the wrong metrics in trying to measure marketing ROI. Innovators need to put a little more marketing towards validating their premises before building their product. One of the primary reasons over 90% of products fail is nobody knows what problem is being solved. In other words, most products are chasing an invalid or incremental problem.
Marketing is everyone and everything. Marketing is integrated and inclusive of your employees, customers, and community. Marketing is not a single function, person, department, or activity. So, if you want to cut marketing, expect consequences to your customers, brand, and bottom line.
For more insight, I encourage you to read David Poulus' article "7 Myths About Marketing in Economic Downturns."