branding & marketing in a bad economy

"It was the best of times, it was the worst of times" this seems to ring true when applied to marketing and branding in a slow economy. On one hand businesses are trying to ride the wave and making cuts to stay afloat so marketing budgets are usually cut and their marketing downsizes. On the other hand this is the time when you need to find ways to attract new business more then ever. Having the vision and strategy as well as the courage to position your brand when times are hard puts your company in the driver seat and become a leader in your market when the economy starts to recover, as it always does.