Marketing outsourcing – it’s a solution many businesses consider at the best of times. Throw in the impact of a rough bushfire season (remember that?!), followed by a global pandemic (with wave after wave of effects), and the need to outsource dials up a whole lot of notches.
If the COVID-19 pandemic has taught us anything, it’s that Australian businesses and business owners are resilient. But it also shows that when swept up by an economic storm that is battering us with hail that feels like the weight of the world, businesses can re-invent. Transform. Slide into a different way of operating their business. Or to use the catchphrase – pivot!
In fact, nearly three out of four executives agree that the changes brought on by the COVID-19 pandemic present an opportunity for growth.
Ask yourself:
- Will your customer's needs be different? YES
- Will the way your business needs to operate change? YES
- Will you need to be innovative? YES
A global crisis signifies two things – danger, but also opportunity. But first, we must weather the storm we’re facing.
Outsourcing is the lifeline to help you through the economic downturn we’ve hit. But not just that. It also opens opportunities to find new ways of conducting business. New ways of marketing to the audience you’re targeting because they’re looking a little different to what they did before we hit this ‘new normal’.
Why marketing is important during an economic downturn
Unfortunately, many businesses have been forced to slow down recruitment of their marketing personnel. Or, worse, stand staff down temporarily due to the uncertainty that comes with recurring lockdowns.
Many businesses make the mistake of pushing back their marketing during economic downturns. The rationale? To save costs. Cut expenses. Stretch funds elsewhere.
But now is not the time to reduce spending on marketing and advertising. In fact, the opposite is true. It’s the businesses that continue or even step up their marketing efforts that survive. And, in fact, thrive, during these difficult times.
In a study conducted to measure the effects of marketing during and after recession, researchers studied a group of businesses, putting them into three distinct groups. Those that kept marketing during difficult times, those that stopped, and those that increased their marketing spend. Of the groups, the businesses that decreased their marketing efforts saw their market share drop by 0.8 per cent and those that maintained increased by 0.6 per cent.
Interestingly, the businesses that dialled up marketing during the downturn saw a 4.3 per cent increase of market share when the world returned to normal.
Continuing your marketing helps you stay relevant. And it ensures you recover quicker when the economy does turnaround.
How can marketing outsourcing help your business during these economically rough times?
Ok, we may have skin in the game, but hear us out. Marketing outsourcing during difficult times makes good business sense.
Here’s why:
1. You have access to a fresh and unbiased opinion that could help you renavigate a changed marketplace.
For example, the pandemic has seen more people embrace online shopping than ever before. Let’s face it, you’ve got to have an outlet and you’ll be supporting the Australian economy. They’re also happy to embrace virtual meetings to access services. That means your business needs to be more available for online browsing, your website needs to be top notch, you need to have the software and set up for virtual meetings, and your user experience digitally needs to be spot on. How does your digital space measure up? (click here to find out).
2. You can dial up your marketing when and how you need to.
Unlike having an internal resource that you need to cover costs for or stand down if money is tight, you can dial up and down your marketing output based on your needs and budget.
3. You have access to the same level of marketing leadership as a marketing manager, without the overheads.
Annual leave, sick leave, superannuation – these are costly for any business employing staff. The advantage of marketing outsourcing is you don’t have to cover the HR nitty gritty. Instead you can spend your budget where it will deliver you biggest rewards.
4. You’ll also benefit from access to a range of skillsets and expertise.
We talk a lot about how marketing is an ever-evolving beast. You need to stay present, informed, experienced. We hate the cliché but keeping your finger on the pulse is vital if you want to benefit from the evolving technology and marketing channels available to businesses. Outsourcing to a marketing agency, like The Marketing GP, gives you access to a full team of marketing professionals with expertise across all aspects of marketing.
5. Marketing outsourcing lets you choose your own adventure.
You and your business are unique. You can select the level of marketing investment you can afford and want to spend, and work with your marketing partner to determine the most effective channels for your investment and goals.
6. You can scale your efforts quickly.
When the storm is over, your marketing can easily be scaled up to meet demand by making a quick phone call with a quick phone call to keep up with demand.
7. There’s minimal risk involved.
We’ve shared why it’s important to invest in marketing. If you are just starting out or aren’t sure what next step to take to dial up your current marketing efforts, marketing outsourcing is a low-risk solution. Your agency will be accountable to you, costs will be much less than a marketing manager (which average a salary of around $110,000 in Australia), and you will have more flexibility around your partnership.
As you can see, we have a lot to say on this topic! In fact, you can read even more about this from our Chief Marketer, Holly Martin on Hunter Headline.
Finding the way to navigate the economic storm and come out stronger can be difficult when you’re wading through the water and tackling the headwinds.
If you’re ready to seize the opportunity and find confidence in your business beyond the economic downturn, get in touch.
We’d be happy to provide an unbiased perspective on how your business can navigate these challenging times and come out stronger than ever.
