During tough economic times, a lot of organisations will, quite rightly, look at ways they can reduce their overheads. In doing this they will look at the priorities of the business and what is essential and what is secondary and will make cuts that ensure they can meet their financial targets in the immediate future.
Now, jump forward to 2024, the world has calmed down, we are coming out of the “probable” recession and consumer and business confidence is on the rise again. At this time, just as we have seen after previous recessions, we will be reading business experts talking about the mistakes businesses have made over the past two years in cutting support for staff and slashing their marketing budgets and the long-term impact this will have on businesses.
These two outcomes are always highlighted as being the worst business decision to make, how many times do we hear business leaders say look after your most important asset, your staff, and keep talking to your customers. Yet, here we are, probably about to enter another recession and already organisations of all sizes are cutting staff without considering the impact they have on the business and cutting the support they give those staying and slashing their marketing functions. However, they are still expecting the organisation to maintain their current sales and turnover performances. Do they think their remaining staff are magicians or just that they will give up any life they have to help the business out. You cannot have your cake and eat it.
Even in this world of technology it is fundamental to keep in front of your customers, be that by ensuring your product is prominent or if you offer a service that both existing customers and prospective ones can see your brand and services regularly. This can be through online activity, sponsorship, events or advertising to mention just a few channels available to businesses. And what is this known as, MARKETING.
Without marketing and the right people to plan and deliver it, your clients will not know what you are doing as a business, how you are working to continue adding value to customers and indeed, if you are still in business.
There are, of course, ways you can improve the efficiency of your activity, there always are and often you can do this internally but taking a step back and reviewing your marketing objectively. Or you can engage an external resource, either an agency or a consultant who will be able to undertake the review and work with you to implement an effective campaign.
What is clear is that if you stop your activity your competitors won’t be doing the same and your customers and prospects will very quickly forget you as they start to see your competitor’s activity and not yours.
So, the message is clear, whilst you may well need to review all your costs, make sure you still have a strong marketing strategy in place and a team to deliver it. Don’t cut your staff and leave your business without the necessary expertise to deliver the campaigns and don’t cut your marketing budget.
Without customers you have no business. Without a team, you have no business, don’t make the mistake many before you have.
If you want to find out more about how we help our customers ensure they are in the strongest position to overcome the tough times please contact us.