When faced with unforeseen costs and the prospect of cost-cutting to at least make bottom-line, Marketing is usually the first department that gets the memo to identify areas for rationalisation. Even today it is not seen as an essential function. Digital and performance marketing changed all that with measurable KPIs, even then sometimes CMOs have short tenures as they are under pressure to deliver results. The truth is that organisations prioritise short-term financial health, while marketing’s impact tends to show up over a longer horizon. And, despite measurable KPIs, marketing’s value can sometimes appear subjective, especially when outcomes like brand strength or customer loyalty are hard to quantify. There’s always a middle way though. The benefits of growing a brand organically far outweigh all concerns. What’s more, it is cost-effective.
In tough times, I would recommend companies to approach marketing thus (entirely for B2B focused companies):
The Team: As far as possible do not let go of people, unless there are performance issues. Hold on to the four pillars of the team – design, content, digital and general. Even if threadbare, this kind of team will help you execute an organic growth strategy without the help of an external agency, who you would have already fired if your company is struggling. If these four profiles are also a drain on your budget, try getting Individual Contributors to the team, who are proficient in multiple technical and non-technical areas and can pick up the slack. Choose people with a growth mindset, who believe in your vision and are willing to give it their all and know that this is temporary. You need strong-minded people to execute any vision. Of course, if you do not believe in Marketing at all, then this won’t work. This will only work when you, as a founder or a leader know that marketing works, and it helps sell, but you have no choice.
The Strategy: Brainstorm with the marketing team, communicate your vision all over again. Define your USP, target audience and moments of truth anew. Remember, these are not ordinary times, so you have to rethink everything all over. Your goal now is ‘demand generation’, where the team has to work even more concertedly, to effect a high-impact, low-cost marketing plan.
The Tactics: Start from scratch, to ideate together. On what you say? Come up with 25 newsworthy topics and trends that the team, and you will be able to expand upon. Start building from there. Build a social media calendar, if possible, for the next three months. Itemise every aspect of the execution to save last minute surprises. The more you templatise the process and contain surprises, more effective the team will be in executing and moving onto the next thing seamlessly. As each will be managing and running multiple responsibilities, time is of essence. Here’s all the areas the essential team should cover to ensure that the marketing engine keeps running, while the company picks up pace to invest more in marketing.
While this is not an exhaustive list, it surely touches upon some of the concerns of a cost-effective marketing strategy. Lie low, but don’t shut down marketing – out of sight is out of mind. Keep that fire warm to stay relevant until you have the budget to go all out. Again, all-out does not mean fancy – all-out means choosing the most relevant high-performing marketing mix that works for your brand.
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