At this point, we all know what's going on-the country is in the grips of a recession. If you're like everyone else, you're thinking about clever ways to grow your business despite the downturn or maximizing resources to stay afloat.

According to Marketing Management Analytics, who analyzed the performance of major brands during the 2001 recession, these major brands were able to minimize the recession's impact by either maintaining or increasing marketing spend. Brands like Best Western are among those who have increased their promotions and advertising in order to help move market share for the brand.

Below are tips to help your company ward off losses:

Understand Your Consumers: Here's one thing you do know-consumers everywhere are taking notice of things like soaring gas prices. But not all consumers will react in the same way to price inflation. Some may take fewer trips in their cars, downgrade from premium to regular, switch to public transportation, drive less aggressively, or trade their SUV for a hybrid. Price inflation causes shifts in demands and changes in categories, so understanding consumer wants, needs, and behaviors is critical.

Invest in Market Research: Observe changing attitudes and behaviors in response to price inflation, then segment consumers around product usage behavior and price sensitivity.

Redefine Value: To motivate cash-poor consumers, marketers must engineer products and packaging in ways that target key retail price points, even if it means downsizing package sizes. Follow the candy industry's lead, which always responds with these measures during inflation.

Use Promotions: Now, consumers seek price promotions more than usual. Cut prices only on items selected as your inflation-busters, not across the board. In the case of cash poor consumers, these promotions should target key price points on small pack sizes. Staples, for example, uses a gift card/coupon with multiple dollars-off offers. And Shell gives people who apply for a credit card with Shell Oil 25 cents per gallon off their first 100 gallons of Shell gasoline. On the other hand, cash rich consumers can be encouraged to make multi-unit purchases in order to stay ahead of the unavoidable next price increase.

Unbundle: Customers will now shy away from buying products, options, and services rolled into one, and may ask for a thorough price breakdown. Let your customers pick and choose from options and services they truly need. Offer an unbundled menu of options.

Increase Relevance: Reemphasize product benefits, give price-sensitive consumers promotional options, and if your product or service merits it, remind consumers that in tough times, perhaps more than ever, they need and deserve the occasional treat.

Remember, there are ways to combat the recession. Do not be a by-stander and idly let your competition take the lead. Engage your consumers and plan ahead.

For more information, Click Here