Maintaining a successful company during challenging economic times entails thoughtful assessment of all business aspects — one of the most important being the marketing function, says Richard Steele, a course instructor at the University of California, Irvine Extension, and president of International Sales and Marketing Group. Focusing on a long-term plan that is realistic and structurally sound will produce more benefits than a short-term, quick fix plan, he notes.

According to Steele, the key to succeeding in recessionary times is to focus on four simple categories — what he calls the “Marketing the RITE Way.”

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Retention and growth of customers: The ultimate objective of your marketing strategy is to attract, satisfy, and retain customers. That comes from understanding current marketing trends.

Innovation for your markets: The value of innovation is to attain a competitive advantage. The most profitable results go to early entrants in the market.

Technology and its creative use: You can learn a big lesson from President Obama’s historic campaign by making investments in technology. Effective use of permission-based email marketing is cost effective and can result in a strong return on investment. Invest in a strategy for the enhanced Web, such as electronic newsletters, Webinars, blogs, and social networking.

Employ today’s new workers: Hiring talented new employees creates a favorable work environment with lower capital costs.

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