"Don't panic."

That's my second favorite quote from author Douglas Adams (the first is "I love deadlines. I love the whooshing sounds they make as they fly by.")

We can agree that whenever there’s a downturn in the economy, there’s a stampede to cut marketing budgets. It’s easy. There’s rarely any immediate effect on the business. It’s also one of the most deadly mistakes you can make with your brand (right up there with lowering product quality.)

Let’s face facts: most industries have cycles. Just as there are downturns, just as surely there are recoveries. But ask yourself (and your senior management) where will your brand be when the buying comes back?

Even in a downturn, people don't stop buying. They buy smarter.

In uncertain times, one thing remains true: brands win long-term every time. Don’t stop communicating with your customers – in a downturn, people don’t stop buying, they just buy smarter. Or they delay purchases, creating pent-up demand. Take advantage of the general decrease in marketing spend to grab a larger share of voice.

How have other marketers responded to economic downturns?

• Taco Bell stole market share from McDonald’s during the 1990-91 recession by focusing on the brand attributes that differentiated them from the market leader; during the rest of the 90s, Taco Bell continued to grow while McDonald’s share continued to decline.
• During that same recession, Nike tripled marketing spending, resulting in profits nine times higher coming out of the recession then going in. This wasn’t product advertising, but focused on awareness and aligning themselves with the idea of athletic freedom and performance.
• Even more compelling is a statement from Norman Wesley, Chairman and CEO of Fortune Brands, parent company of Moen, Thermatru Doors, Simonton windows and more. When the economy went south in 2000-2001, the company invested heavily in advertising spending, maintaining its position for its brands while competitors retrenched. As a result, Fortune Brands reported record profits in 2002 and the stock price soared. “We cut everything discretionary we could with the exception of ad spending,” Wesley said, “because for our long-term growth, that’s critical.”
• Perhaps the best quote about advertising in a recession came from Sam Walton, the founder of Wal-Mart. When asked, “What do you think about a recession?” he responded, “I thought about it and decided not to participate.”

The most important asset your company owns is its brand.

Slashing marketing dollars in a downturn is a bad idea. I say that not as someone in the marketing business who wants a cut of that money, I say that as an evangelist for the power of brands. The most important asset your company owns is its brand. It’s what customers buy, it’s what they identify with and place their trust in. It can sustain your company in trying times, and raise it to new heights when the cycle booms again, as it inevitably will.

Here are some tips:

• When people aren’t actively buying, don’t promote specific products. Invest in your brand and promote its values. Emotion always beats promotion; it’s visceral and it’s memorable.
• Consider upending your media mix. Become ubiquitous. Always be there – in outdoor, on social media, creating your own media, sponsoring industry events, or even piggybacking on someone else’s event.
• Make sure everyone in your organization knows what your brand stands for. Having your people on the front lines and behind the scenes, able to crystallize your brand promise is the most efficient and effective medium you will ever have. When’s the last time you communicated your brand message to your own people?

So what are your plans for your brand in the next year? There’s an opportunity right now for those who have the foresight and the courage to seize it – a chance to build up your brand, just as others are undercutting theirs. Remember, there’s magic inside your brand. Protect it. Nurture it. Keep your brand strong and it will keep you strong, through good times and bad.

Or, as the Wall Street Journal says, "Your brand is a lifeboat. Never, ever leave the lifeboat."