The best time to invest in your marketing strategy? Right now.
Posted on 17th January 2018 by Robert McLeod
2017 brought unexpected market highs globally, which continued into the new year with Wall Street and the FTSE 100 breaking records, and the economic outlook for 2018 remains positive.
Goldman Sachs are predicting 4% GDP growth globally in the year ahead, and with business capital spending predicted to continue as a result, there is seemingly no better time to invest in your marketing strategy and ride the crest of the economic wave. But with some commentators not ruling out a global recession, business leaders in every sector may not have the same level of confidence.
In 2017, UK car production fell for the first time since the financial crisis of 2009, and with Brexit and its complexities still unresolved, the UK economy has been unable to reap the full benefits of the global economic upspring, and will slow further in 2018.
But what does that mean for B2B marketers and business leaders formulating and rolling out new strategies?
Stay at the forefront of your industry
There are two possible outcomes for 2018 – continued growth and stability, or, at the other end of the spectrum – recession. But regardless of what lies ahead, investment in marketing strategies which position your company as thought-leaders remains crucial to the future of your business.
Leading your industry in boom periods is the only way for B2B marketers to capitalise on strong economic positions. But the reverse is also true. It’s often the case marketing budgets are cut when the going gets tough, or decision makers are afraid to spend for fear of appraisal, but cut budgets when your competitors don’t, and you’ll fall behind them when it is most risky to do so.
On the other hand, investing in creating clear space between you and your competitors could result in increased market share during the period of difficulty, and a leading position when industries stabilise – setting you up for the future.
We’ve seen historically that businesses who fail to retain their identities and of course their customers during turbulent financial times, suffer the most during and after periods of uncertainty. Making hard cost savings might look good on this year’s balance sheet, but will have untold impact on performance next year.
Creating a sustainable, commercially focused marketing campaign
So rather than slashing budgets and running for the hills, you’re better off finding more effective ways of using your budget. So what next?
At Man Bites Dog, we design campaigns which differentiate our clients, finding white space in complex established markets that makes a lasting impact. We believe marketing should be at the heart of business strategy, creating compelling reasons for your customers and prospects to use your unique services, ultimately to drive your business to growth and create market leadership.
If you need to discuss your 2018 marketing strategy, and how we can create unrealised value for your business, get in touch today.