There’s a lot of uncertainty lately in the wind. How are big businesses preparing for it? Well Hubspot asked Marketing execs just that question and found that a whopping 80% are already planning for it. Here is what they’re doing to hunker down during the expected storm.
Get Free Marketing
Getting on TV shows, podcasts, generating customer reviews or any kind of customer generated content are just some of the ways that marketing execs are planning on growing their business during the recession. For example, TV appearances and livestreams on LinkedIn have long been marketing tactics I’ve used. In addition, I have a YouTube channel of just my client testimonial interviews.
More AI Please
AI is the buzzword in every corner of every industry now. But it’s not for nothing. I recently heard a financial journalist say that it would typically take him 7 hours to research a single article. With AI ChatGPT it takes 10 minutes. What can a human or a business do with that much time on their hands? That’s exactly why marketing execs are planning on using more AI to automate repetitive tasks such as data entry or analysis. They’ll be using it to reduce human time and increase customer responsiveness.
More New Trends
Covid brought an explosion of podcasts, livestreams and Clubhouse. Now there’s BeReal, a Gen Z social media platform as well as features such as Instagram’s shopping tools and the rumoured Twitter super app X. The super app phenom is used in China where one app does everything that today’s Uber, Airbnb, banking, WhatsApp would do but in one app interface. Marketing execs are looking very closely at these trends to seize market share during the recession.
More Organic, Less Paid Media
Paid ads are so yesterday. So says the research from Hubspot. More marketing execs are planning influencer and customer generated content and marketing versus the paid kind. Again, it’s free but new strategies have to be planned to deploy these. So, take a look at who are the thought leaders in your target industry and start influencing the influencers.
Better ROI Tracking
When Dollars become tight, the first question from any leader in business is ‘what did we get in return for this spend?’. Better ROI tracking is being asked of marketing execs and they are making marketing mix changes according to this more robustly measured metric. For example, my ROI for a 13-person executive roundtable was roughly double that of a 700-person conference where I presented the same topic.
If you’re going to let the rough economic waters ruffle your feathers, fear no more and deploy some of the above strategies to stay afloat until the sun is shining again.