Following are the 8 basic marketing steps that one should pursue during a bad economy. Every business owner must follow these steps even if their business is doing well. The basic plan of these steps is to transfer the marketing strategies from image-oriented marketing to direct response.

• Revenue – every entrepreneur must focus all his attention towards the different forms of revenues rather than image advertising. During an economic slowdown, customers would look for bargains. Hence, marketing through coupon redemption programs and promo codes can prove very effective. Through these marketing techniques, you also get to track what is working and what is not.
• Customer needs – a product becomes successful only if it matches the requirements of the potential customers. If the economy is running bad, try to run surveys to identify the needs of your consumers. Not only is the method free but also easy. You may also run these surveys based on your email list or display them on your website. As, you may not be able to advertise during this phase, it is one of the smart options to determine where to put your money.
• Vendors – during a bad economy, asking small favors from your vendors. However, suggesting large discounts can put them under heavy strain. Receive whatever your vendor is willingly offering without disturbing your relationship with him. 
• Special rewards - remember not every customer is equal. Check the list of your consumers and see who has purchased the most from you. Offer such consumers with special rewards and benefits that you can afford.
• ROI – every business campaign need to express how customer will profit from your product. Make sure the advertisements will be able to pay for it. Do not discard this method as your business grows.
• Test – try different options like subject lines, headlines and sub heads. The primary key is to find the best spot and use that one. Hence, you should be aware of your fund’s limitation as well as the message that can get you the best results.
• Convert – it refers to storing the names, company, email, and phone numbers of the users that visit your website. You can get this information by offering the user valuable content. Any content and information that would help your consumer succeed - especially in a bad economy is the best option.
• Family values – keep in mind, during any crisis people tend to go back to the nest. Therefore, try to place your product in warm, fun, family-oriented scenes. This step would have a positive impact on your consumer.

Hence, bad economic times need not prove as a loss of opportunity for your business. Simply follow the above-mentioned steps and sustain revenue, build brand awareness and brand loyalty, and strengthen ties with your customers.