It's all over the news-either the "R" word or the "D" word. Whatever your view, most business leaders are feeling the pinch of a soft economy. So, is it time to panic? Absolutely not. But it is time to be more focused than ever, especially when it comes to your marketing efforts.

You're looking at every aspect of your business and determining what absolutely needs to be done, what can be done more effectively, and what you can eliminate. These are all prudent steps to take. But don't forget this important fact-your business can grow in a soft economy too. While your competition is cutting programs, reducing its workforce, and focusing on self-preservation, you can stand out by repositioning your business to a changing economy.

Effective marketing is critical to the growth of your business...in virtually any economic situation. However, this doesn't mean you need to increase your budget. More importantly, it's crucial you invest your marketing dollars where they count most.

It's time to review every component of your marketing operation and its resources. Follow these guidelines in order to stay aggressive with your marketing, but remain financially strong.

Make sure your customers view your product or service as a good value.

During a slow economy, consumers give extra thought to quality, product longevity or shelf-life, and long-term costs. They need to get the best value for their dollars-and one of the best ways to show this is by having your satisfied customers speak for you. Try to include client testimonials or references on your Web site. And make sure your communications are consistent with your goals. Avoid impulsive, isolated efforts that don't reinforce your overall image and brand.

Remember to note what's working.

Track responses to learn where your advertising dollars work the hardest. Use coded reply devices such as coupons, different phone numbers, or different URLs for ads. Ask prospects how they heard about you.

Increase your news media coverage.

Organizations should not ignore the power of public relations. Reporters will cover your industry regardless, so why not be proactive with your public relations strategy? Keep press releases, new product announcements, and feature stories in front of the media. Make sure your Web site has a newsroom and keep it up to date.

Fine-tune your media plan to reduce waste.

Try using an aggressive, less expensive advertising technique such as "flighting"-waves of advertising separated by periods of no activity. It'll appear as if you're always in your target market's view without actually advertising constantly.

Make a great first impression.

Every print ad, brochure, banner ad, sign, or voicemail message must reflect the quality of your organization and its brand image. These important marketing tools often make the crucial first impression on your customers. If your materials start to look inconsistent or have a lower quality, current clients and prospects may wonder about your financial health.

Use research to ensure effective distribution of marketing dollars.

Research is often considered "disposable" during an economic slowdown. However, it's even more important to understand the barriers to purchasing during this time-such as price, quality, service, value-and to determine what buyers need and want most.

Keep your eyes on the competition.

During an economic slowdown, aggressive marketing programs can help secure an edge over timid competitors. Find out where your competition has reduced spending, and maintain or increase your advertising in those media.

Marketing must deliver results.

There are many ways to determine the success of your marketing efforts. Did your campaign make your phone ring? Did it produce more leads? Did more people visit your Web site? The key to success is establishing up front what you want your marketing to achieve. Every ad, every direct mail, every newsletter, every radio spot or community sponsorship should directly align with one of your goals. If it doesn't, then it's time to either reconsider your goals or discontinue the methods that aren't working.