Marketing firms have been urged by an industry expert not to panic in the face of the economic downturn.

Ray Jones, head of communications and external affairs at the Chartered Institute of Marketing, said in order to survive the recession, marketers should “keep calm and carry on” instead of reducing prices and risk devaluing their businesses.

He stressed that firms who are worried about the unfavourable business climate should think creatively, not defensively, because discounting in a crisis could significantly reduce the value of a strong brand.

“A brand is not only a seal of quality, but it also gains and retains trust by creating a sense of recognition,” Mr Jones said. “Failure to promote your brand through a recession can be fatal.”

He also advised marketers to nurture and hold on to existing clients before going through the expense of attracting new ones.

A recent poll by Amplify Research suggested that more than half of marketers are not too optimistic about the outlook for their businesses.

Related Topics: General Marketing