Leading companies do not subscribe to the common misconception that marketing is a discretionary expense. They know that there is business opportunity during economic downturns, and marketing can lead the way: With smart marketing they stay on top and often capture more market share during a recession.

To find out their secrets, I recently connected with two leading chief marketing officers—those of consumer electronics retailer Best Buy and global technology services giant Wipro. I asked what advice they have for consumer and business marketers when the economy is bleak.

Regardless of industry or state of your marketing budget, the following tips from Barry Judge of Best Buy and Jessie Paul of Wipro can help you stay up in a down economy.

Tips From Barry Judge, Chief Marketing Officer, Best Buy

Tip 1: Seek out pockets of demand, and invest

Take a closer look at the marketplace for areas where consumer demand remains relatively strong or where demand is emerging as a result of the weakening economy:

First, identify and focus investment on your highest-value customers. These customers are your most identifiable and reliable source of revenue and profit across your business; and because they are enthusiasts for your products or services, they will be most likely to continue spending in your categories during a down economy. At Best Buy, we can identify them through our database and loyalty programs, so we can target offers, communication, and investment directly to them.

Second, target product segments based on "need" where your value propositions are strong enough to drive revenue growth and share gain. For example, in our industry, some products have become consumer necessities (e.g., cell phones, PCs) and therefore may be more resilient during times when consumers pull back their spending on more discretionary items. Direct efforts to drive greater share in these segments while cutting back in areas where demand has declined.

Third, identify and invest in consumer segments or geographic regions that are likely to grow during a declining economy. For example, unemployed workers tend to startup small businesses during a recession and create demand for small business IT products and support. We can direct our efforts and our value propositions toward these segments or regions in order to capture that demand.

Tip 2: "Sweat" your marketing assets

Take a new look at existing marketing programs to find new ways to create leverage and customer preference.

This effort includes maximizing advertising ROI by intensively focusing on how each program effectively targets demand. It includes trimming programs that no longer make sense in an environment where advertising ROI is at a premium, cutting programs that target segments where demand has disappeared, increasing investment in areas where demand is relatively strong, or squeezing more out of fixed asset programs that have the capacity to work harder.

Tip 3: Invest in the brand experience and the brand story

Find ways to improve the brand experience and tell the story of how the brand is differentiated during a time when price becomes more important to many customers.

For Best Buy, marketing investments in the brand experience have included initiatives like improvements to our Web site to support a better customer experience at the first touchpoint of the brand. We have also demonstrated our support of customers who have been disappointed by technology by offering $50 gift cards to all our customers who bought obsolete HD-DVDs.

We are also continuing to refine our messaging (internal and external) to support our brand story so that we have a clear point of view on how Best Buy is a relevant and better choice for our customers.