WPP Execs Offer Tips on Weathering the Recession

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Reassessing the structure of one's loyalty programs is also something Rob Norman, global CEO Group M Interaction believes marketers need to do. He said defining loyalty in tiers based on who spends the most is not the approach to be taking during a recession.

One thing Marylee Sachs, global director of consumer marketing, Hill and Knowlton said she would like to see her clients do more of is cut back on simply experimenting in the online space and instead make the commitment and "put a truly significant spend behind their efforts."

John Quelch, Harvard Business School professor and WPP Group board member said it's also a good time for marketers to "drain the swamp" and get rid of all the marginal products and brand managers who aren't cutting it. He added that, for some marketers, it might also be a good time to introduce value brands to protect their premium products.