Why Marketing Matters More Now Than Ever Before
As 2021 comes to a close and we look forward to 2022 with hope and (likely) some trepidation, I’d like to build the case for the importance of your marketing investment. Before we dive right in, let’s review some of the key challenges that businesses of all sizes across all industries are facing right now.
- It’s tough to get help right now. There is a widespread labor shortage creating issues for businesses. Indeed Hiring Lab reported that the number of job openings reached 11 million at the end of October. All indications show workers returning to work but not at the rate employers had hoped, creating a disparity due to early retirement, childcare demands, pandemic concerns, and increases in savings.
- Supply chains are also creating challenges. On top of the labor shortage and due to the pandemic, supply chains are stressed to the point that consumer demand and prices have been impacted for an unforeseeable future.
- Inflation is looming. Another threat to today’s tumultuous business climate is the increase in inflation (and fears of more in 2022). As inflation starts to climb and predictions for more loom, businesses, and consumers pour anxiety into the marketplace.
Businesses report some of the most challenging operational market conditions many leaders have had to contend with.
Even so, I’d like to build the case that now is not the time to lay down on branding, marketing, and communications.
So times are tough, what can we do about it?
Keep it real.
Most business leaders have heard the hype at one point or another. The well-dressed, hyperbolic marketing gurus touting their plan for 10x-ing, generating infinite leads, and bringing in more record-breaking sales for years. In these times, that type of strategy is unlikely to actualize. And, if it did, it might cause your operations to implode because supply and labor wouldn’t be able to keep up with it. So, this is one thing not to pursue.
Double down on your assets.
By assets, I’m not referring to your commercial work vans. Your most important assets are your current customers and employees – if you weren’t already thinking of them that way. In times like these, where the economy is unpredictable, and the labor shortage persists, it’s essential to use communication to keep employees and clients – if not happy – at least understanding and loyal.
Adopt the JAM approach to marketing and branding.
Let’s start by outlining the JAM way. At JAM, we define branding as the “process in which we communicate the essence, values, and culture of a person or organization.” Marketing is the “action of promoting and selling products or services, including market research and advertising.”
Build your foundation.
While you may need to focus on organic growth to remain operationally sustainable, you still want to be positioned as a strong company with a solid foundation.
Let me repeat this: you still want to be positioned as a strong company with a solid foundation.
Your secure foundation creates the firm ground your business will grow from.
Strategy gets you where you need to be.
When times are tough, and resources are stretched thin, it’s easy to neglect strategy and operate from a reactive mode. Understandable, yes; however, setting time aside to be strategic is critical. Sticking to strategy helps you do two things: ensure that you are spending in the right place and ensure that you are maximizing the return on money that you are spending.
Manage demand focused on quality first.
At JAM, our clients are calling on us to do just that. Demand has been high, so we are taking steps to manage our growth. I’ve decided to maintain a small client base so that we can ensure quality. This may be the best approach for your business if you are dealing with labor shortages, supply chain issues, and inflation.
Get in on the JAM Sessions.
I am offering free JAM sessions on Fridays. These are group sessions where we tackle a specific marketing challenge that you might be going through. The sessions are free, but RSVP is required.
In the meantime, my best advice – don’t treat your marketing department like a drive-thru just because your operations are demanding more attention. If you do, you will undoubtedly get drive-thru quality results.
Don’t miss your chance to get some free marketing strategy insights.
Zoom with Jackie over lunch every Friday from 1 p.m. to 2 p.m. for a Marketing Jam Session! Please RSVP: [email protected]
