There is no doubt that times are tough. With the turmoil of a global economic tsunami engulfing businesses around the world, what is to be done?

Looking at the chart of accounts, cutting expenses across the board is a common knee-jerk reaction. With alphabetized advertising at the top of the list, it’s very easy to reduce this to zero and thus improve the bottom line.

Is this the best course of action?

John A. Quelch, a professor at Harvard Business School, points out that a recession is not a good excuse to cut back on advertising. “It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at less cost than during good economic times,” he writes in a recent issue. from “Working Knowledge,” an electronic newsletter from the Harvard Business School.

Other studies of ad spending in recessions have shown that brands that cut back on advertising suffered a loss of market share, Quelch notes. Those who continued or increased their marketing communications spend maintained or increased their market share. Yeah, but that’s B2C marketing, right? Yes, and this will also apply to B2B marketing.

In B2B, we find that one of the reasons a marketer needs to advertise is because the competition does. Not the best reason, but I’ve seen clients cut their marketing spend and reinstate it when rumors began to circulate in the marketplace that the company had gone bankrupt.

Again, not the best reason, but one to consider.

When the going gets tough, let’s face it, you (and your competition) will work harder to get more sales. Because just as you may be cutting costs, so will your customers.

So should you stop spending on advertising? It is a definite NO.

Reducing or getting more from your expenses is the first approach. This applies to company-wide expenses, but let’s stick to those related to advertising and marketing communication.

In B2B companies, part of the marketing spend covers direct sales calls. This is an area that needs to be stepped up. When things get difficult, you have to be closer to the client. Before he cancels a purchase of one of your products, you can respond with an offer of something extra, upgraded delivery, or whatever, at a lower cost than the last consideration.

Review call rates, cost per call, frequency of calls, improve call efficiency, time spent per call, etc., are part of this study. Also consider the survey area. While visiting clients, prospecting should be a part of that effort. What about getting referrals from your clients. If they are satisfied with your company, your service and your products, they will surely be happy to recommend others to you.

With the competition also feeling the pinch, this is the time to get closer to your customers, so be careful not to neglect your customers. When you have to fight for every sales dollar, you can bet your life that your opposition is also trying to get more sales from all sources, including your customers.

And what about your advertising spend?

Get more for your advertising dollars. Getting more for your advertising money means intensifying the media that gives you the best results. Those that do not produce results can be reduced or simply eliminated. This depends on your specific circumstances.

It’s good to note that the best value for money is still found in web media. One area that can yield good results for a small expense is sponsored links in search engines. Spending a few cents to a few dollars per click makes sense, especially considering the immediate results in web visits.

Of course, your landing pages should be set up to help the visitor get the best information and contact you directly from the visit. It is another point to take into account.

Of course, generic searches must be optimized to take advantage of the keywords used by searchers looking for information that leads to your site.

Reviewing costs, getting more for your money, and getting ahead of your competition should be some of the strategies you can adopt when times get tough. And, as for stopping all spending, this comes with great risk. It’s a bit like the proverbial ostrich that hides its head in the sand.

When times get tough, you’ve bitten the bullet and pushed yourself to be on top of the game. Not telling your customers (or potential customers) that you have something great for them to consider, or reminding them that they have a great product that they are interested in is raising the white flag.

If you decide to give up, be prepared for the consequences.