Lyndsay Menzies, MD of BigmouthMedia UK says that the current economic downturn should be seen as an opportunity, especially for those in the digital area.

When you put down the newspaper and start getting things into perspective however, the outlook isn't  quite so bleak. Many firms are undoubtedly feeling the pinch, but they're still doing business and there are still plenty of opportunities out there.

After all, what does an economic slowdown really mean to marketing outfits? For most of us it means dealing with a marketplace with tightened budgets and more rigorous fiscal controls that demands demonstrable value for money, but that will sound a lot like business as usual to many in the industry.

The downturn is a really opportunity for digital. Not only can you get a lot more bang for your buck from internet marketing, but the technological nature of the business means that you can also deliver measurable results.

Clients certainly respond to that.  Many of the digital agencies around today where brand new when the original dot.com bubble burst, but by keeping value and measurability at the centre of their strategy, the industry actually enjoyed a steady growth rate throughout the slump.

So what it all boils down to is a test of your business. Can you provide clients with a high level of customer service? Can you respond to their needs in a shifting environment and can you prove to them that they are getting a high level of return for their investment?

If the answer to those questions is yes, then you're on to a winner. Economic downturns are inevitable and unpleasant, but they do give you the opportunity to take stock, consolidate and fine-tune your business model.

If you can navigate a business, service or product through a recession, then you have something with enormous potential, and that is likely to pay dividends when spending inevitably begins to pick up again.

Lyndsay Menzies is managing director of bigmouthmedia UK. www.bigmouthmedia.com