Conventional Wisdom has taught us to be cautious during an economic downturn. While this might be true from the consumers perspective, recent statistics have shown that marketers should be focused on brand development. Here is an article I found about this point

http://adage.com/article?article_id=135790

Generally markets have thought that during a recession period it is wise to cut spending because fewer consumers are in the marketplace. What is important to keep in context is that while consumers may grow more conservative, they usually do not vanish.  They are also still able to perceive and influence other buyers in the market. As the market changes for most companies one key metric that most people need to look into is what will change for us? Brand investment or rebranding can be one other the most cost effective tools you have available. Not only can you see short term gains but when that conservative consumer comes back to the marketplace you will have invested equity into your reputation.

Investing in your brand is a good way to gain growth in the market and strengthen your image, while others are using old models and standing still.

Here is a great visual of what rebranding can do for your product

http://www.rebrand.com/2009-best-cisco-webex