Modern marketing dilemmas and how should marketers stand up to recession
Global Downturn. What’s the first mistake businesses make? Read the headline on the FT’s infamous billboard ad campaign in October 2008. Nearly 15 years on, the headline still rings true as the UK economy sits in a period of stagnation. The C-Suite may hesitate to invest in these areas during a downturn due to financial constraints. However, it is crucial to continue investing in marketing and communications during tough times. It can help your business emerge with a stronger brand and a more significant share of voice within your market.
LHH Recruitment Solutions inaugural Marketing & Communications Coffee Club brought together CMOs, Marketing Directors, Heads of Communications, and other senior leaders from across the industry to discuss how you can influence your C-Suite to continue investing in marketing and communications during a downturn.
Below we have summarised some key ideas from the roundtable discussion and actions you can take.
1. Showcase the importance of marketing and communications
You know how to market your business with your eyes closed, but how well do you sell what you and your team do? One of the most effective ways to influence your C-Suite is to showcase the importance of marketing and communications and the value it creates. By highlighting the benefits of investing in these areas, you can help your C-Suite understand how it can impact the success of your business. The numerous benefits will vary depending on your industry and target audience. Still, effective marketing can increase brand awareness and generate leads, and customer experience can help product and sales teams refine and improve their offerings. While communications can help build relationships with customers, protect reputations, and enhance engagement with employees that LHH’s Global Workforce of the Future Report reveals what they are looking for to future-proof their careers.
2. Provide data-driven insights and include the good and the bad
Data-driven insights can be a powerful tool to influence decision-makers. By presenting statistics and data, you can help your C-Suite understand the impact of marketing and communications on your business. But you must ensure that any data is linked to the overarching business strategy, provide insights on your business and competitor’s activity, and make it simple to understand. And don’t be afraid of sharing “bad” data. For example, Client Listening can help identify problems before they snowball. Campaign metrics can spot up and down trends early, enabling the C-Suite to pivot ahead of your competitors.
3. Emphasise the long-term benefits
Investing in marketing and communications during a downturn can provide short-term results and significant long-term benefits. By continuing to invest in these areas, your business can emerge with a stronger brand and a more substantial share of voice within your market as competitors reduce marketing and communications spending. Research by Kantar1 also shows that companies who make drastic, short-term cuts to their marketing spend end up needing to spend more in the long term to recover brand equity. It is essential to emphasise the long-term benefits to your C-Suite and help them understand how it can impact your business’s future success.
4. Prioritise areas with the highest potential for ROI
When resources are limited, it is crucial to prioritise areas with the highest potential for ROI. By focusing on areas with a proven track record of success or areas that have the potential to generate significant ROI, you can help your C-Suite understand the value of investing in marketing and communications during a downturn.
If your team lack certain skills or experience, you’re probably feeling the pressure too. The talent market remains tight and finding the right long-term fit for your team is crucial, whilst your HR and finance departments are generally more hawkish regarding permanent headcount. LHH’s Interim Talent whitepaper provides useful insights on how interim talent can alleviate the pressure.
5. Communicate with your C-Suite regularly
Regular communication is critical to influencing your C-Suite to continue investing in marketing and communications during a downturn. By keeping your C-Suite informed of the progress and impact of your marketing and communications initiatives, you can help them understand the value of investing in these areas. Regular communication will also help build trust and establish a strong working relationship between your team and the C-Suite.
In conclusion, investing in marketing and communications during a downturn can be challenging for the C-Suite. However, it is crucial to continue investing in these areas to emerge with a stronger brand and a more significant share of voice within your market. By showcasing the importance of marketing and communications, providing data-driven insights, emphasising the long-term benefits, prioritising areas with the highest potential for ROI, and communicating regularly with your C-Suite, you can influence them to continue investing in marketing and communications during a downturn.
How can LHH Recruitment Solutions support you?
The best marketing and communications teams start with exceptional, diverse talent – sharp minds that understand your organisation’s culture, vision and values and have the skills and growth potential to evolve with whatever is next.
We are experts in marketing and communications recruitment, and we can help you align with the experts you need to thrive in yours. Whether through Permanent Placement, Temporary & Interim Staffing Solutions, Executive Search & Interim Management, Assessment, Elevated Placement, or a combination, we create alternative solutions for unexpected situations.
To discuss your marketing and communications talent requirements, or to be kept informed of future events please contact ukrecruitment@lhh.com.