Are we in a recession? It depends whom you ask. For the recently “downsized,” the answer would probably be yes. Unemployment numbers came out for the Triangle region the other day. We are up slightly to 3.9% (from 3.7% for the same time last year). The Triangle seems to be better at weathering economic uncertainty than many areas of the country.

At the end of the day the question is, “How does this affect me?” Or the question I like to ask is, “What new opportunities have been created?” It’s much easier to be successful in a strong, growing marketplace than in a stagnant or shrinking one. If you are good at what you do, an economic slowdown represents the opportunity to take business from your weaker competition. If you’re the weaker competition, you’ve got a problem.

Businesses that take a “head in the sand” approach and hunker down to wait for better times to return may not survive as they have in the past. The information age means you better be moving forward, because there is no standing still anymore.

Marketing naturally plays a very important role in growing during weak economic times. Ironically, it’s one of the first line items to be cut from budgets. So as a marketer or business owner in this environment, it’s even more important to be able to quantify the benefits of marketing with hard numbers and industry leader examples. Just a few weeks ago, a major cereal manufacturer announced they would cut expenses in other areas so they could INCREASE their marketing. Could it be they see opportunity?

My first career was in retail, working for Circuit City in the Washington, D.C. market. Back then, Circuit City was the dominant electronics retailer on the East coast (this was long before their current problems). When the recession of 1990-1991 occurred, they cut expenses everywhere. Even the company picnic was cancelled. The only budget that wasn’t cut was advertising. As the economy recovered, Circuit City leapfrogged competitors and became dominant at the national level. It’s an excellent real-life example of how to make the most of a recession.

I believe the view you take of the current economic slowdown will determine your success (or lack of) for years to come. Is the marketing cup half full? Or is it half empty? You make that decision, and you’ll convey the attitude you choose to everyone you interact with. Would you rather be with people who see the opportunity and won’t take no for an answer? Or the people who have already conceded defeat and are waiting for the other shoe to drop?

I like to associate with the people who are willing to look for opportunity regardless of the situation (like AMA members). They are usually fun people to be around, and I find I always learn something. Ignore the naysayers. Go after what you want and don’t let a short term economic blip derail your goals.

A couple of recessions back I heard someone say “I’ve chosen not to participate in this recession.” I don’t remember who said it, but I love the thought!