Dave's not alone in his thinking. According to Business Week's July 14 issue, "A few gutsy companies think now is the time to grow. (These companies) are boosting spending on...research and marketing. They're breaking into new markets, launching new products."
Investing in your company during times of financial downturn is a good business strategy that pays off:
- A strong commitment to promotwing your business keeps your products or services top-of-mind, especially important during times of economic slow-downs and slow turnarounds.
- Your competitors are cutting back. Boosting your investment activity gives you the stand-out advantage.
- Now is when promotion is most important; it's critical for sustaining your identity and maintaining customer contact and relationships.
- An economic lull or decline is the best time to make bold, new moves. Why not be the first to introduce new products, new branding, or new ideas at a time when your actions will be most noticed?
Many predictions are that a strengthening economy is just around the corner. Promoting your business before the turnaround puts you out in front and gives you the leading edge. Your timing will be considered almost clairvoyant!
There are numerous examples of companies confident enough to invest in branding and identity now. According to Graphic Design USA, "More magazines are being prepped for market entry despite the current...slowdown." What's equally significant is that every magazine relies on investment-savvy businesses that advertise!
Invest now and capture attention hereafter.
A combination of investment, commitment and creativity is pretty powerful stuff in the marketplace. Once the commitment to invest is made, creative options should be paramount. Even when a sensible share of the investment is slated for traditional marketing and promotion, earmarking a portion for new idea development often results in attention for your business.
Take the case of failed projects. Are they truly failed projects or are they future possibilities? Maybe your idea didn't work for a particular client, but if you believe in it, it's possible to make it work elsewhere.
According to New York designer Felix Sockwell ( logolounge.com ), "Most of us don't waste enough time on work that goes nowhere. I think wasting time doing what you want is an intuitive investment IN YOUR FUTURE." And he should know. "My boss told me the only reason I was hired...was on the creative merit of my...logo...which was a killed...logo!" Sockwell confided.
"OH MY GOSH...YOU SPELLED YOUR COMPANY NAME WRONG!" That's the comment Arketype creative director and principal Jim Rivett has been getting recently, and he loves it. The Arketype re-spell appeared on a poster for a sponsored blues concert and in a half-page ad in the Packers preseason program.
"It's just what I wanted," says Jim, "a different kind of VIZZ regarding our name; a new kind of notice that arises from a nontraditional approach to a new name and logo introduction." Nontraditional because the official identity introduction occurred after the new name and logo began appearing around town.
After a decade of growth as Archetype Group, our agency's name has changed to simply Arketype with a new, energized logo to match. "We wanted to refresh our entire image," says Rivett. "We're always telling our clients to evolve. It's time to follow our own advice."
Arketype has made a commitment and investment in its new business brand. And we're doing it now...not later on when everything is perfectly rosy in the marketplace. (Is it ever?!) It's a move that reflects a trust in our VIZZ on the future.
(Susan Stansbury, Arketype Inc. © September 2003)
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