CEO at RightMetric, an on-demand digital strategy research service that helps marketers build strategies based on facts, not assumptions.
No one likes to be put under a microscope. Having to constantly look over your shoulder as you handle your job duties (or any other activity, for that matter) is one of the most uncomfortable feelings in the human experience. It’s no surprise that “micromanagement” has become a dirty word in corporate culture.
Nevertheless, many marketing leaders are either being put under the microscope right now or are about to be due to current economic conditions. One of the first departments to go under the microscope during a downturn is often marketing.
So marketing leaders can expect a bit of discomfort moving forward, as they’ll come under more scrutiny for their every action and decision. However, there is good news. With intentionality and diligence, you can turn that discomfort into an opportunity to cultivate a strategic, growth-oriented mindset.
Why all the scrutiny?
There are a few key reasons:
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• The pandemic has forced many brands to rethink their business plan. For example, rising interest rates and less disposable income for consumers are leading to layoffs from several brands trying to cut costs.
• Lower consumer spending means lower business revenues. As a result, many leadership teams will find it more difficult to justify marketing spend—despite the fact that a robust marketing strategy is what will keep customers flowing to the company.
• The digital world has changed a lot since the last major U.S. recession in 2008. Digital marketing has become more complex and intricate, with more tools and sophistication for leaders to parse out.
Now, let’s talk about some of the “hows” of successfully adjusting to this new status quo:
Tip #1: Take a step back to understand and listen to your audience.
“Knowing your audience” is marketing 101. The pandemic caused a seismic shift in virtually everyone’s life. Are you actually informed of your target customers’ thoughts and feelings? And if you are, are your marketing strategy and tactics structured to speak to the needs, concerns and preferences of your target audience?
Research indicates that very few people (if any) view brands as trustworthy, which makes it more crucial than ever to pay attention and listen to your customers. “Consumer-centric” is a nice term to throw around, but only by applying that concept to your marketing strategy will you reap the associated benefits.
Fortunately, there are scores of tools that you can use to stop, look and listen to your customers, including social media listening, search listening, voice of the customer and competitive intelligence.
Tip #2: Plan for different scenarios.
Experienced marketers know the wisdom of “hoping for the best, planning for the worst.” When times are challenging, it’s imperative that you remain flexible. In particular, it’s a good idea to define best-case, worst-case and moderate scenarios in the following areas:
• Budgeting, in terms of operating costs and any expenses that could be reduced or eliminated.
• Operations, in terms of process/workflow alternatives that could be implemented.
• Activation plans, in terms of different tactics or strategies you’re preparing to deploy.
As you plan, remember to think holistically—in other words, not just about your consumers, but also about the business as a whole (including employees, partners and stakeholders). Marketing is cross-functional, so fight against any hint of a silo mentality. When the entire company prospers, so does marketing, and vice versa.
Tip #3: Think about the long game.
The tendency during a recession is to cut back on marketing spend. However, this creates a vicious cycle in which businesses lose customers due to such cutbacks, causing customers to spend less on their products/services and causing those businesses to cut back even more.
Actually, the best answer to a recession is not to cut back on marketing, but rather to continue investing in it. As the founder of Wal-Mart once responded when asked what he thought about a recession: “I thought about it and decided not to participate.” Following the principle that “a good offense is the best defense,” you can operate with a growth mindset and double down on your marketing investments now. When the market gets back to normal, you’ll already have a competitive advantage.
In conclusion, being “under the microscope” is uncomfortable. But with some hard work and the right mindset, you can use these circumstances to refine your approach, build for the future and ultimately contribute toward sustainable success for your brand.
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Author: Charlie Grinnell, Forbes Councils Member