There has never been a time more critical than now to ensure your business is thinking about their long and short term marketing strategy. To navigate this pandemic effectively, marketing leaders will have to ensure that they can adapt and thrive during these unprecedented times.
They must be ready to react and implement new approaches and be a beacon of guidance.
For some of you, finding a marketing leader such as this will mean making a new hire. While recruitment is challenging at this time, it should not be off the table. At times like this, where brands will be judged on their ability to weather the storm, having the right marketing professional guide the ship is paramount. This means making the most suited hire is more significant than ever before.
Why You Should Not Stop Marketing
To stop marketing is to turn your lights off to the outside world; to leave your customers or clients in the dark. It is a lost opportunity to become a leader, a recognised and respected brand in your niche.
As well as having reputational repercussions, numbers show it is not profitable to turn off from marketing. As an article from Harvard Business Review pointed out in 2019, “paradoxically, the businesses that will survive and ultimately stand out are those that create certainty for themselves, forging a path depending on how the situation unfolds.” A study of marketing expenditure in the economic downturn from Tony Hillier also revealed there was an 8% increase in profitability for those who increased marketing spend during the downturn. Additionally, there was a 4.3% increase in profitability during the recovery period for those who increase marketing spend during a recession.
For these reasons alone, having the right marketing expert in the driving seat for your business could not be a more prominent need in times of recession.
What the Right Hire Brings to The Table
Customer knowledge. As we mentioned above, cutting marketing spend could lead you to lose reputation, and in worse cases, market share. The right hire will bring you insight into the best types of customer research, allowing your budget to stretch further. At these times, consumers are redefining value and responding to COVID-19. You need to move with them, not alienating them.
The Ability to Track and Analyse Everything. Knowing precisely what return each marketing investment is providing and why will be your key to not just survival, but growth. If there was ever a time to be measuring your return on investment (ROI), it is now. Having the right person in the job is going to bring with it valuable data capture.
A Platform to Bridge the Gap Between you and Clients. Marketing leaders ensure their business never loses touch with the end-user. During these difficult times, your most valuable assets will be your existing customers and clients.
Marketers will implement strategies that focus on their loyalty and ensuring retention by keeping them pleased.
Time To Start Hiring
The facts show that the right hire will mean more brand exposure, increased profits and better project management through the tough times COVID-19 will continue to bring. Recruitment right now is tough, tml Partners’ existing cohort of marketing leaders is here for you; do not hesitate in contacting us today.
