In these uncertain times, and with a potential ‘hard Brexit’ approaching, a natural reaction is to hunker down, concentrate on the day-to-day running of the organisation and pare overheads down to the absolute minimum. As a result, marketing the company and planning ahead can easily be put on the back burner. But then, before you know it, business is on the rise and you find your competitors have stolen a march on you.
So why is it crucial to maintain a marketing programme when the going is rough? To answer that question, it’s worth looking back to the recession of 2008 and a white paper published by the Chartered Institute of Marketing (CIM). It was called “Keep Calm and Carry on Marketing”. And here are a few key highlights that still ring true almost 10 years later:
Those who performed in the top 25% had spent more on marketing compared with their weaker competition by just over 9%
Research by management consultants McKinsey and Co found that, of the companies they sampled, those who performed in the top 25% had spent more on marketing compared with their weaker competition by just over 9%. Similar research revealed that organisations that increased marketing spend through a recession recovered three times faster when the economy finally stabilized.
We can look back even further to the great depression of the 1930s. Back then, a brand called Moxie led the soft drinks market, but when the depression struck they felt it would be insensitive to advertise. Coca Cola were rather less reticent, plugged their brand as the perfect pick me-up and wiped out the opposition.
In times of uncertainty the organizations that thrive are those who inspire confidence, communicate effectively, retain customer loyalty and adapt, not only to changing customers’ needs, but also in the way they do business.
Now, here at Chapman Consulting, we recognize that for many companies within our industry, no matter how much they might want to prioritise their marketing effort, the reality is that they simply do not have the resources to devote to implementing an effective marketing programme.
This is where we step in. With over 20 years experience of marketing within the construction sector, our expertise is second to none. Our unique marketing audit tool enables us to assess your business then formulate and implement an effective marketing strategy. We conduct our audit and deliver a business development programme specifically tailored to your business within one month and at a fraction of the cost of retaining an in-house marketing function. With a strong team of associates, all of whom have extensive experience in their particular field, we will work with you along the way as you grow and develop your business.