There is ample evidence from past downturns that the company that maintains its marketing spend through the downturn exits the downturn in a far better position than its competition. Even in the worst of times, there is still business to be written, markets to be taken and customers to be won. And a downturn, when many of your competitors may well be going quiet, often represents an unprecedented opportunity to grab a much larger share of voice.

2. Recalibrate your strategy and recast your budget strategically as opposed to simply cutting x% across the board.

People often look for the one thing that companies should do in response to a downturn. I resist being so binary since a downturn represents doom to some but incredible opportunity to others. And even for those for whom it’s a challenge, an across-the-board response is rarely the right one.

At times like this, strategy becomes more valuable than ever. Know where you’re trying to go, the best way to get there, and how you’re going to know that you’ve arrived. Cut those marketing tactics that won’t help get you there and re-invest the money in the tactics that will.

3. Negotiate pricing.

All the vectors you use to communicate to your marketplace are feeling the pinch right now. There is no better time to play hardball on pricing, or to negotiate added extras that usually cost a lot more. Most media outlets will cut their line rates or give you valuable extras like a free newsletter distribution, web conference, white paper distribution or even additional insertions. Trade show organizers may agree to a bigger booth space for the same price or throw in sponsorship opportunities or show guide advertising that in better times might cost you thousands more. Even if your supplier must hold the line on fundamentals, see if you can’t snag some of the valuable extras.

4. If you have channel or other partners, consider pooling budgets and activities to make your dollars go further.

Can you share a trade show booth with partners? Can you initiate a co-op advertising program that sees you put up some of the cost while your channel partners put up the rest? Is the opposite available to you — are you a channel for an OEM with a co-op program?

5. Do not abandon measurement.

If marketing is seen as the easiest thing for companies to cut during a downturn, then measurement is seen as the easiest thing for marketers to cut. After all, it doesn’t really contribute anything, right? Wrong. Harken back to tip No. 2: If you’re not measuring, you have no idea where you are or what got you there, you don’t know what’s working and what isn’t, and you simply can’t be strategic about your marketing spend. When times are good and there’s budget to spare, you might be able to afford to have some things work a little less effectively. When times are tough and every dollar must produce a result, you need to be measuring so you know which tactics are delivering and which ones aren’t.

6. Be transactional if there’s an immediate opportunity.

As I’ve already noted, a downturn means different things for different companies. If there is good business that can be immediately secured, be highly transactional in going after it. Alter all your messaging to “Buy now,” and focus on tactics, like advertising and direct marketing, that communicate transactional messaging best.

7. If there isn’t an immediate opportunity, go long.

It’s far more likely, however, that your customer’s buying cycle has stalled; it almost certainly has lengthened. So if your customers have hunkered down waiting for the storm to pass, there’s no point in blaring the hard sell at them or offering them discounts and other incentives to immediately do something they’re simply not going to. Does this mean you, too, should hunker down and draw the blinds until things blow over? No, it means your messaging should shift to support longer-term objectives such as awareness building, thought leadership and marketplace education. Tactics like media relations, content marketing, trade shows and white papers that establish your authority and expertise are a better use of your resources if this is your reality.

8. In all communications, employ story telling that emphasizes how your product or service saves money or drives additional immediate revenue for your customers. Speak to the pain they’re feeling in a recession.

Whatever the economic conditions, your marketing and communications messaging should be all about your customer, not you. You should always be speaking to the pain your customer feels and how your product or service solves that pain. In a recession, your customer’s pain is almost certainly all about revenue — making more of it or keeping more of it. Make sure you’re speaking to this.

9. Be overly attentive to your existing revenue base.

“Love the one you’re with,” says the old song, and that’s never more relevant than in a downturn, when new customers are hardest to acquire. Your current customers are keeping you in business and it’s almost always cheaper to maintain and build business with existing customers than to find new ones. Lavish your existing customers with attention, look for low-cost ways to improve the value you create for them, and communicate, communicate, communicate — let them know you love them.

10. Effective relationships never expire, so keep talking.

Keep talking to everyone in your value chain, including suppliers, service providers, channels, influencers and, of course, customers and prospects. Even if they can’t use your services or you theirs just now, keeping those lines of communication open and full of useful information will serve you very well when the economy recovers.

By media coverage, I am referring to the stories that are produced by a journalist. This is different from advertising, which must be paid for. To a reader, viewer or listener, editorial coverage is a far more compelling validation of your business than a paid advertisement. Just about anyone can buy an ad, but not everyone gets a story.

The trade off, of course, is that you don’t have control over the final version of the journalist’s story. Nor is the editor or journalist under any obligation to write about your business. Their chief concern is what they believe is of most interest and value to their audience.

Your challenge, therefore, is to clearly convey how your business — your story — is worthy of their attention. In addition to the added credibility, media exposure can be a very cost-effective way of promoting your business. But it does take time, effort and the application of these 10 basic principles:

1) Understand what stories resonate with the media outlets you are targeting.

Local media want local stories. Listen to the radio stations, watch the television newscasts and read the newspapers and magazines to understand what kinds of stories get covered.

2) Be creative in terms of coming up with a story angle.

For example, let’s say you’re a small home renovation company. Not much of a story there, but what if you secured a contract on a high-profile property, such as a renovation on an ambassador’s residence? A local magazine might be interested in a “before and after” photo spread. Or maybe you’re a local café or restaurant that’s participating in a special celebrity charity fundraiser, or launching a unique art exhibit.

3) Be timely with your story.

If you happen to be a retail business, Christmas is an ideal time to pitch stories about unique and interesting gifts that your shop sells. If you own a yoga studio or spa, New Years’ is a wonderful time to pitch a story about fitness or renewal. And today’s recession just begs for stories about businesses that have “beaten the odds.”

4) Time your pitch.

Magazines decide on stories more than three months before they go to press. Daily radio or television shows often decide only a day or two before. You can pitch to daily newspapers a couple of days or a week in advance.

5) Target your story to the right individual within the media outlet most likely to be interested in your story.

For example, if you are celebrating the grand opening of your clothing boutique with a fashion show, see if there is a fashion editor or special features editor. Perhaps there is a specific journalist who covers news and events for retail businesses as a beat. These contacts are usually listed on the media outlet’s website on the “Contact Us” or “About Us” pages, or easily obtained by calling the media outlet’s switchboard.

6) Cultivate the relationship.

Once you have identified this key individual, get to know them. Call them up and ask what kind of stories are of interest and when and how they like to receive material. Try and avoid this first contact being a sales pitch — the goal is to develop a long-term relationship.

7) Be thick-skinned.

Some media contacts simply will not give you the time of day. But be persistent. Use phone, email, even a Twitter account if they have one. But be wary of crossing the line from being persistent to becoming a nuisance.

8) Provide value.

This must be a relationship based on value. Understand what the journalist or editor needs and how you can provide it. And deliver what you say you will when you say you will.

9) Brevity is golden.

If you produce a news release or advisory to distribute to the media, keep it short, to one page and send it as text in the body of an email, not as an attachment. Include links to relevant and supporting information.

10) Provide visual punch.

Consider visuals you can provide in terms of photos and graphics. A story with a good visual has far more impact than a block of grey text without one. Again, provide links. Only send as attachments in an e-mail if you have been asked to do so. By the same token, consider what would look good on video for television broadcast.