It is impossible to ignore the elephant in the room. There has been a change in the outlook of many business leaders. They are not as optimistic as they were a few months ago. I have noticed this myself in conversations with clients and business partners.
There is talk of ‘belt tightening’ and restricted budgets, people are discussing headcount rather than their teams . A scarcity mindset is becoming more prevalent. The importance of mindset is often underestimated in business. Let me explain, the UK is not in recession. Have a look at this chart from the Office for National Statistics. The economy is still growing.
What has changed is the level of business confidence among business leaders as clearly shown by the chart below from the CBI.
Perhaps this decline in business confidence has been caused by the Brexit debate. Economists cannot agree over whether this is the reason. What is abundantly clear is that some businesses are cutting back expenditure and headcount.
False Economy
One of the most common mistakes I have observed companies making is cutting back on marketing. Cutting back on marketing when you need more sales is like cutting back on exercise when you are trying to get fit. It makes no logical sense and is a false economy.
If you have invested time and resource building up relationships with your customers using Social and Content it is better to continue the momentum that you have built up rather than abandon it.
Consistency has always been important in delivering effective Marketing activities. It is worth evaluating all your communications channels dispassionately and then doubling down on those that have driven the best ROI. You should also take steps to control your online reputation .
Companies that follow this strategy will be in a better position than those who stop marketing or make it a lower priority only to return to it later. Those companies that stop or pause their marketing activities will have to start to build momentum again and recover the ground that they have lost to their competitors. If you’ve enjoyed this post you might like Business Owners – 5 Reasons why you can Never Stop Marketing .
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If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com
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Mike Pitt
Founder & CEO
Marketing Fundamentals Ltd
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This is blog post number 349.
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