Industry Insights - Marketing In Crisis
We find ourselves in uncertain times. There has been a global pandemic, and there is an ongoing war in Ukraine, and a lot of uncertainty bringing an economic downturn. With increased concerns about the economy and inflation it is understandable that businesses question the wisdom of investing in marketing. So why should companies still invest in marketing? To try and find out, I interviewed Lisa Kruse, the Founder of Holy Comms. During the interview, Lisa discusses the importance of companies investing in marketing despite economic concerns and not overlooking it during a crisis. She also highlighted common mistakes made during economic downturns.
Recently, the World Uncertainty Index was published by the Economist Intelligence Unit. The index measures political and economic uncertainty in 143 countries. The index in May was almost as high as during the outbreak of the Covid-19 virus. Given this high degree of uncertainty it is understandable that businesses question the wisdom of investing in marketing. However, one of the first things Lisa pointed out is that history supports the fact that certain companies manage to survive and even thrive during difficult and uncertain periods. She believes that this all comes down to two things. Understanding human behaviour and adapting accordingly. By looking at the resilience and success of certain companies during previous crises, it becomes evident that they recognized the importance of maintaining a strong marketing presence.
One key element that Lisa highlighted was the need for businesses to enhance their innovation capabilities. She explained that innovation defines a company and its competitiveness even in difficult times. Investing in marketing during uncertain times provides an opportunity for companies to showcase their understanding of changing customer behaviour, ability to provide innovative solutions, build brand recognition, and stand out from the competition.
Lisa also encourages companies to dare to think long-term rather than short-term. Instead of succumbing to short-term cost cutting measures, she rather advocates that companies evaluate what is truly necessary and try to build a new marketing mix that aligns with the current challenges. She recognizes the importance of scaling down when needed, but also emphasized the need to rebuild and invest during the crisis itself, rather than waiting for the aftermath. Lisa reminds us that time only moves forward and that standing still is not an option for companies striving for both survival and growth.
When I asked Lisa about the most common mistakes companies make during a crisis or economic downturn, Lisa warned against fixating solely on numbers and short-term gains, urging businesses to adopt a more long-term perspective. Instead of solely focusing on immediate cost reductions, companies should consider the long-term impact of scaling down their marketing efforts. She also highlighted the danger of narrowing down marketing activities to just one channel or tactic, equating it to only eating cinnamon buns for all your meals. She encouraged companies to rethink their content production strategy, emphasizing the importance of focusing on high-quality output rather than creating numerous different types of content. By producing “ever green content” that can be both repurposed and distributed across various platforms, companies can reduce production costs while maintaining an impactful marketing presence. "Ever green content" can be described as content that is perceived as “new” for readers and consumers over a long period of time. Its like content you can recycle over and over again!
Finally, as Holy Comms works with a diverse range of clients, I asked Lisa to share her best advice for companies unsure of where to start or hesitant to embark on their marketing journey. Lisa highlighted the importance of daring to begin. She stressed that no one is born with built-in marketing knowledge, and the first step is to have an internal meeting to clearly define what the company aims to sell, to whom, and the specific challenges they face. By conducting a thorough self-analysis and identifying areas where improvement is needed, companies, regardless of their size, can lay the foundation for a successful marketing strategy. Even in times of crisis or tough economic conditions, it is crucial for companies to continue to invest in marketing. It's about doing more with less, being innovative, and maintaining a forward-looking mindset.
Adcredo + Holy Comms
We have several great cases together and have truly appreciated the intuitive platform Adcredo is, and how amazingly transparent and seamless it is for the customer. It has saved us many hours and resources, and therefore a lot of money for our dear clients - Lisa Kruse, Founder of Holy Comms
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