The current global economic backdrop is not a pretty sight and many businesses have had to make cuts of various kinds. Whether it’s a restructure, layoffs, or re-evaluating big expenditure like office spaces, the pressure following a drop in consumer demand continues to mount.
There are glimmers of light, though. There was surprise growth in the UK economy in November 2022, and France and Germany are currently set to narrowly avoid recession. Plus, we’ve got to remember that we’ve been through the turmoil of COVID-19 – and we made it to the other side.
So, as leaders in PR and marketing, what did we learn then, that’s relevant now?
Showing deep business understanding: If the board is focused on profitability, show you can do more for less by being resourceful and demonstrating how to be more effective. If the board wants growth, show that you’re focused on lead generation, customer engagement etc. Proving that your marketing focus aligns completely to the priorities of the organisation means you’re less likely to have your resources cut.
Create connections: If you’re not already, get out of the marketing bubble and make stronger connections internally. Is there a way you can get closer to finance? And if not finance, the people that influence finance, for example the senior team in sales or other C-level executives. You want others to support your case to retain your budget – you need to make them realise ‘I cannot be successful without marketing’.
Visibility and promotion: A way to get closer to board members or others in leadership is to build their profile externally, showing the value directly. You’re probably already doing this by positioning experts and leadership as the faces of the company, but also look at your board and ask yourself: who could be more visible? Like the above, you’re creating more allies internally.
Don’t think you can hide: All costs are on the P&L and a discussion about your budget will happen if it hasn’t yet. Be proactive and think of solutions that work for both you and the business. In this current environment, the finance team will currently be focused on cashflow so maybe there are ways to create an impact now and pay later. For example, working with a PR agency, the payment terms can be 30-60 days, meaning results today, payment the following month. Not many organisations have cut their way to survival, rather it’s more about keeping costs down within acceptable limits.
More for less: Ensure you are doing the majority right and fast and don’t let perfection slow you down. Timelines have shrunk meaning the time for change is today, this week –- forget about plans looking eight weeks down the line. And repurpose, repurpose, repurpose. Be as resourceful as you can.
It may feel gloomy right now, but this is the time for marketing, because once we’re on the up, growth will come fast again. Being prepared will mean you can go after every opportunity and look back at this time as just another blip!