Nearly every business is worried about — or already facing — slowing or declining revenue growth, as many experts feel we’re heading toward challenging times. With this, the “growth at all costs” mantra of the past decade is quickly shifting to one of business resiliency and sustainable growth. Resilient marketing focuses on the ability to absorb stress, maintain healthy business operations, and adapt to new conditions.
Businesses that focus more on long-term sustainability can emerge from the current economic climate stronger than they were before.
These are 4 ways leaders can build resilient marketing in their organisations.
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Marketing budgets are often under increased scrutiny during economic uncertainty. You’ll need to defend your marketing efforts by validating their impact and demonstrating clear results.
Yet, 80% of marketers say their ability to track return for each marketing investment needs improvement. Investing in data analytics capabilities can help you:
You’ve probably already felt the increased pressure to more strictly control — and in many cases — reduce marketing costs. Marketers are looking to reduce their spending on campaigns that aren’t resonating with customers and move that money toward bigger initiatives.
A great place to start is by evaluating your marketing technology tools to see how well they’re still working for you. Has this become increasingly complex and bloated over the past decade? Marketing teams use 23 different marketing systems, on average. Begin by evaluating your tech stack to identify redundancies, inefficiencies, and tools that your team doesn’t really use anymore. Identify areas where you can:
“Marketing leaders need to act now to optimise marketing spend with a slimmer budget, improve adaptability, and work to keep current customers.”
Most marketing organisations are not growing as fast as they previously hoped, and in many cases they are shrinking. You may be grappling with how to make your department more efficient and agile in these rapidly-changing times.
For example, 29% of marketers spend at least one week or more every month preparing data — that’s time that could be better spent developing and executing resilient marketing strategies. To remain agile as marketing budgets shift, you need to make every marketing moment count:
Find ways to streamline your operations, placing a focus on agility. This way, you’ll be prepared — not panicking — when things change.
As new customer acquisition becomes more challenging during economic uncertainty, marketers should adopt a strategy that focuses on retaining current customers and making sure they feel they’re getting the most value. This helps protect existing revenue and is one of the surest paths to continued growth during times of uncertainty.
To help customers get the most value from your products, you should consider investments in the following areas:
It can be tempting to pause innovation during times of economic uncertainty. However, research from McKinsey says otherwise. They found that organisations that maintained their focus on innovation throughout the 2009 financial crisis outperformed the market average by more than 30% in the following three to five years.
Marketing leaders need to act now to optimise marketing spend with a slimmer budget, improve adaptability, and work to keep current customers. Resilient marketing helps grow revenue and profitability while also giving your team the ability to innovate and outperform your competition in the long run.
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This post originally appeared on the U.S.-version of the Salesforce blog.