Updated: Mar 15
Changing the set of the sail...
Even the most inwardly focused of business people, will be seeing that there are unprecendented changes happening at the moment, and so much of it unchartered... political. environmental and weak pound, fallouts affecting manufacturers, services, corporates and SME's, not least, in the way businesses are coming to realise that their previous marketing strategies are not working the same.
With the recent demise of Thomas Cook, and the news of potential faltering of Pizza Express and many other well known brands, particularly on our high streets, many businesses are seeing the knock-on effects of lower than normal spending confidence and even B2B brands are seeing orders declining and a basic slowdown of decisions, to what they were a year ago.
So what's going on? and what does it mean to your short and longer term marketing?
Most smart business people realise that marketing is a fundamental part of their business, but it's also a form of investment and as such, has an element of risk.
In the current uncertain climate, many businesses are looking to cut costs and alleviate risks. Harvest as much from the existing client base and stop investment until a sense of direction and stability returns.
That's only natural and actually a pretty smart move, afterall, if it's quieter than normal, better to hold off until it begins to pick up again.
As a marketing consultant, I fully support this as a strategy, which is maybe unexpected, but sometimes it can be better to simply wait until there is a plateau of certainty, before investing in marketing and outlaying valuable cash.
But within this time of uncertainty, there is an opportunity, which is to have your NEW strategy in place ahead of your market competitors. which is like a racing driver knowing exactly when to unleash the power, after the safety car has gone off the track.
Smart marketing investors, sense the opportunity and get in place ready to strike before the rest. They realise that what worked before is NOT going to continue to work into the 2020's, that a new paradigm is required.
That's where entrepreneurial thinkers like me come in, with new ideas, new ways of solving old problems, breathing life into crusty, ancient marketing and obsolete news feeds!
Whilst I cannot predict or solve all the problems that befall businesses in these uncertain times, I can give valuable insights into the way future business will need to adapt to survive.
If you would like to discuss your own future business strategy, get in touch.
PS. We welcome on board this month, London based Bludesks.com, an online membership platform for co-working office space. see www.bludesks.com