If you’re in marketing, things can get rough at times. But it’s up to you to lead. By lead, I mean educate and propose creative solutions to keep the things moving in the right direction.
Over the last few years, I’ve absorbed advice from VCs and startup founders. Some of their suggestions are obvious, while others are not. Here are some of the insights I’ve gleaned:
Act quickly and be decisive
Act with urgency and assurance! CEOs must be ready to make bold moves in the face of uncertainty. Be prepared for any eventuality (budget cuts, cash flow dips, and revenue slowdowns).
Unintentional causality: deals and resources
Startups should always be proactively assessing and streamlining their resources to prepare for a longer runway. While some might see marketing as a cost center or luxury expense, savvy marketers know it can prove invaluable in unpredictable times.
One of the most interesting observations I have had over the years is watching rivals hunker down (or stop marketing) in touch times. For example, when your competitors stop all paid advertising campaigns, you suddenly have an opportunity to win the keyword battle. A rocky market opens opportunities for exploration and is the perfect time to jump on a reduced cost of acquisition. In other words, get more conversions at cheaper prices.
To stop the burn, prevent the churn
Many marketers are re-working budgets and staff to focus on creative ways to generate new forms of digital content such as podcasts, virtual events, videos, etc. And others are partnering with product teams and customer success to offer resources that can support in-play deals. Think mid-funnel and how-to content with customer voices. Stay very close to customers to suss out opportunities to support them to reduce churn and encourage expansion.
Curiosity and critical thinking
With all this “free” advice, any go-forward strategy must be right for your business. Of course, I maintain that cutting marketing across the board is a silly thing to do in general. For example, PR is often on the chopping block, but if your business is getting inbound press inquiries, should you? It’s never been more important for marketers to lead the creative process and force the “why” in these conversations.
The reset
As everyone is re-forecasting and adjusting, marketing teams should do the same: doing more with less and maybe doing it better. How can you better align your GTM teams? Now is a good time to look back at the brand+demand rubric which forces you to focus and double-down on efforts that serve your awareness and acquisition efforts at the same time.
Links to good content:
- https://www.forbes.com/sites/forbescoachescouncil/2022/11/15/2023-digital-marketing-trends-to-take-advantage-of-now/?sh=7daf4b8b61f4
- https://inc42.com/resources/how-startups-can-navigate-the-market-downturn-in-2023/
- https://asana.com/resources/marketing-trends?utm_campaign=NB--NAMER--EN--Catch-All--All-Device--DSA&utm_source=google&utm_medium=pd_cpc_nb&gclid=Cj0KCQiAtICdBhCLARIsALUBFcGGzQuaivJ0TbyX5Br4UieFvkbjZlQ3y4tkAh6zykvk31cP0W7vzGMaArRJEALw_wcB&gclsrc=aw.ds
- https://www.thedrum.com/opinion/2022/12/13/standing-out-while-starting-out-5-marketing-tactics-scale-startups-2023
- https://www.slush.org/article/10-marketing-lessons-for-every-early-stage-founder/
- https://firstround.com/review/this-founder-built-startups-in-2008-2016-and-2018-heres-what-hes-learned-about-resiliency/
- https://www.molestreet.com/blog/allocate-digital-marketing-budget
