There's no more important time to show leadership than when things are down. It's easy to be optimistic, forward-thinking and risk-taking when clients are many and their money is flowing. Your primary responsibility in good times is to invest in your company and your team, and to keep people focused on what's important. We're usually bold at those times in our marketing initiatives because everyone is out there making lots of noise.

When times get tight, companies hunker down as though preparing for a long, cold winter. They hibernate and conserve every bit of cash possible. Marketing is usually one of the first items scratched off the expense list. Looking forward--which is the essence of marketing--is pushed aside in favor of getting through the here and now.

In my experience, companies, especially small businesses, stop marketing in downturns primarily out of fear. Fear of the future, fear they can't handle what will come and fear of losing everything they've worked for. Fear is understandable, but it's also the weakest place to lead from. Fear brings out the worst in us as leaders, and it's hard to mask it from employees and clients.

Giving in to fear and forgoing marketing is a mistake on many levels. In tight economies, marketing becomes intertwined with leadership. It's a symbol of optimism, a mark of those still in the game, the stamp of a leader who still sees a brighter future.

There are also positive financial reasons to keep marketing. Studies show that companies that continue to spend on marketing in a recession outpace their competition when the economy rebounds.

Here are some common--but mistaken--assumptions made about marketing in times such as these, and the counterpoint to each one.

1. Assumption: Marketing is too expensive for our company right now. We'll wait until we have more cash flow to support the initiatives.
   
   Reality: Marketing is most affordable when industries get hit. Advertising space, sponsorships, marketing and creative firms, events and online branding all get discounted. Many activities a company normally can't afford are suddenly within reach. If you do the research, you may find that you can afford more than you thought, and a little goes a long way when your marketplace is otherwise quiet.
   
   
2. Assumption: I don't have to market during these times. My competitors are all laying low.
   
   Reality: Boldly sticking your neck out to stay focused on the future requires some guts, and many companies retreat simply because everyone else is doing so. But those who do market themselves are immediately seen as having something the others lack. In the last recession, every time we placed even a small ad we got a large response, plus comments such as, "Wow, you must be doing something right. I never see your competitors out there." When your competitors are silent, they create a space for you to fill.
   
   
3. Assumption: I need my people focused internally right now on clients and maintaining revenue. I don't have the bandwidth to have employees worried about outside initiatives, such as marketing.
   
   Reality: Marketing is one of the few corporate functions that create excitement and pride within the company, which increases engagement. It's affirming to see the company's name in the paper or at industry events. While you need people vigilant about their immediate responsibilities, the last thing you want is for people to be overly focused inward. As Jack Welch famously put it, when you're looking inside, your backside is facing your customer. Marketing keeps people looking outward at their industry, competitors and the marketplace. It's good for business, and it focuses people on today's and tomorrow's customers, rather than on rumors about the next round of cutbacks.
   
   
4. Assumption: We need to be worried about sales, not about marketing, which is hard to measure. If we don't get clients in the door, none of it matters anyway.
   
   Reality: As a former marketer, I could easily make the argument that marketing supports sales and builds the leads pipeline. These days I let technology do it for me. Programs exist today--such as Eloqua or Salesforce.com--that directly link marketing to sales in a measurable way. That means you don't have to guess what's worth the money--you can see it all in actionable data. Many are hosted solutions and very affordable.
   
   Remember, too, that sales is a one-to-one endeavor that's limited by the number of contacts a salesperson can make. More salespeople equals more headcount equals higher hard costs. Marketing is a one-to-many exercise: You can reach far more people with fewer resources.
   
   
5. Assumption: I can't do the big marketing programs I'd like to, so if I can't do them right I won't do them at all.
   
   Reality: Here's another instance where being one of the only companies in the marketplace can be a big benefit. Few will notice if you scale back your marketing programs, but many will notice if your company suddenly falls off the face of the earth. The assumption will be that silence means trouble. But you can be resourceful.
   
   If you can't do an overhaul of your website, use a freelancer and make key revisions. Sponsor small events rather than industry trade shows. Move dollars to public relations, which typically costs less and keeps you visible. Forget the all-or-nothing mentality.
   
   
6. Assumption: I don't know what the future will hold. How can I aggressively market when I'm not even sure what will happen?
   
   Reality: Now's the time to dig deep and do what strong leaders do--they operate "as if" because they don't always know the answer, especially in uncharted waters. They develop the fortitude to make the best decisions they can based on a mix of facts and faith.

When you have to make a key decision this year, whether it's about marketing or not, ask yourself this question: "What would I do if I felt confident?" Chances are, you'll think of some possibilities that provide a counterpoint you should consider.