Tricky times for business are when strong marketing teams can shine.
They’re when a great strategy, a well-equipped team and aligned goals can make success in circumstances that might otherwise break a business.
And there’s no doubt that we’re in tricky times. With the highest inflation for 40 years and the strong likelihood of a deep recession – a combination nicknamed ‘stagflation’ by economists – it will be more important than ever for marketers to prove the effectiveness of what they do.
So how do you get your marketers fighting fit? Well, while the precise circumstances of this downturn may be unique – a geopolitical maelstrom of war, Brexit, pandemic and climate change – there are precedents we can learn from.
While it feels natural during tough times to hunker down and reduce spend to keep the lights on, the better course of action is to make sure your business remains visible.
In fact, as Mark Ritson pointed out both during the 2008 credit crunch and the current crisis, the companies that stay the course during a slump, and that outperform their peers during the subsequent bounceback, are largely those that maintained their share of voice, bolstered their comms budgets and adhered to their long-term strategic plans.
How to do that in your company?
By keeping your eye on the strategic prize, ensuring your team is prepared and briefed, and maintaining rigorous measurement. There are three key steps you should use as a framework.
- Start with the marketing team: assess their set-up, their configuration of talents and skills, and their resources, ensuring your marketers are primed to succeed with the best opportunities possible.
- Next, have in place clear and achievable KPIs, supported by accurate ways to measure performance.
- Finally, make sure that every team and function within marketing is working towards a clear strategy and goals. The environment for effectiveness must come from within marketing and be championed by the very experts that will make it happen.
Too much focus on short-term tactical gains will have profound repercussions on long-term scalable growth – as I wrote in a previous blog. The aim must be to balance short-term and long-term strategies, something that is explored in our free downloadable Guide to Marketing Effectiveness. Both are worth revisiting because during changing market conditions it is more important than ever to work towards being more effective for the organisation.
So instead of looking away from the oncoming tide, turn and face it. Because whether you’re just starting on your effectiveness journey or you’re on your way to writing effectiveness reports for awards entries and AGM reports, 2022 is the year that marketing effectiveness could transform your organisation’s prospects.
By David Isaacson, Strategy Director
To find out more about how you can make marketing effectiveness central to your success, contact us for a chat.
Or get started with your marketing effectiveness journey by downloading our free report.