Change is almost always made during the down part of a cycle. Despite tighter business conditions, marketers should look to embrace the positive change this downturn can bring.
"Only the wisest and stupidest of men don't change."
In an industry which tends to cut spending, staff and budget in times like these, it is important to focus on efficiency drivers in order to be better prepared when the economy turns around. The recession will definitely weaken some, maybe most, but it will leave more marketshare for the strong. It is an opportunity to distance yourself from competitors.
Here are just some of the steps I have taken to maintain savvy, value-driven marketing since the recession began in December 2007:
- Seek out pockets of demand; Focus on targets and segments that return - Re-trench bread-and-butter markets
- Sharpen value proposition
- Ramp up the Web and inbound marketing efforts, especially Web 2.0 and social marketing tactics
- Introduce narrowcasting activities into the mix such as whitepapers, podcasts and webinars
- Take advantage of less clutter by integrating forward-thinking strategies with traditional media buys
- Increase lead generation and nurturing... exit the recession with growing revenue
- Present ROI that links marketing to revenue goals
Seth Godin is calling this recession the opportunity of a lifetime. The opportunity is to find opportunities that deliver real value and have a future.