Have you been bingeing on the saga of ongoing economic uncertainty?
We've been feeling uncertain about the economic future for several years now, long enough that the future we were uncertain about has arrived. This will be the third consecutive year that I've written about experiencing economic uncertainty and how B2B companies should plan and execute marketing and sales.
The advice I find most valuable during times like these comes from Nathan Furr, Associate Professor of Strategy at INSEAD Business School. Furr offers a framework for how businesses can flourish and grow during times of uncertainty.
He advises us to “reframe uncertainty from a source of loss to a gateway to new possibilities.” For many B2B organizations, this requires a significant mindet shift for leaders and their teams.
I've witnessed several economic downturns in which B2B organizations cut spending to “weather the storm”, their words, not mine. This often included cutting marketing budgets and even laying off marketing personnel. Business leaders do this when marketing is perceived to be a cost center that delivers no value rather than a sales revenue enabler and brand builder.
I've seen this happen countless times and this reduction in marketing nearly always leads to significant loss of market share for the companies that cut. And their losses shift to their competitors that continue, and even increase, their marketing communications activities. Also, when the uncertainty subsides, it is the market gainers that gain even more as prospects become confident and ready to make buyng decisions.
If you're one of those organzations that is considering marketing cuts, think again!
And remember the words attributed to Henry Ford, “stopping advertising to save money is like stopping your watch to save time.”
I hope you have a great week!
--Perry
Perry Rearick
Chief Editor, Follow Your Buyer
prearick@followyourbuyer.com
