I am not an economist but I am hearing from so many people in the professional services realm that the economy is in the tank -- at least according to them.
Many of us have been through these down cycles (perceived or real) and know that what goes down must come up (or something like that). What is troubling to me is how quickly firms determine that the best way to survive is to cut back any cost not directly associated with billable support -- most of all "marketing".
To me the whole idea of hunkering down when the "enemy" is weak goes against all principles of successful warfare. Could there be a better time to take risks and attack the market?
While your competition is waiting and hoping you have the opportunity to be a loud voice in a silent field -- you will stand virtually alone and be remembered. What business is to be had will be yours. What messages that will be remembered are yours. Potential clients will be drawn to you because you are the only voice speaking up! And in the aftermath of a cyclical market you will emerge as THE front runner of go-to firms.
I encourage you to think twice and never cut back on marketing effort. More than that, I encourage you to increase every marketing effort you have in force. Your return on ROI will be exponential.