5 Marketing Lessons For A Downturn



Meet Robin Daniels, the former CMO of WeWork and a 2023 Marketingland speaker who has guided major brands through tough economic times.

Let's delve into Robin's insights:

1. Marketing in a downturn:

We're facing significant challenges, and every marketing dollar is under scrutiny. We need clear goals and alignment. Random marketing tactics won't cut it. Due to difficulties measuring their impact on revenue, brand campaigns will face more scrutiny. While great metrics exist, anyone claiming precise revenue measurement from a brand campaign must be more accurate.

As marketers, we should focus on directly measurable actions that drive business growth. Digital marketing is the most accessible way to achieve this. However, leveraging content for differentiation in a budget-constrained environment is a HUGE opportunity. Let's get super creative with content—video, audio, e-books, documentaries, and, yes, even MEMES. Content will be crucial for companies going through tough times in the next two years."

2. Startups' common mistakes:

Startups often emphasize the movement they aim to create instead of addressing how their product enhances customers' daily lives. It's crucial to take your time with the competitive ladder. Established brands like Apple, Airbnb, and Tesla have earned their position over time. Startups should focus on educating people about their product's value and how it simplifies customers' lives. Building customer loyalty takes time, but moving customers through different stages can increase revenue and loyalty.

3. Knowing when to pivot your brand:

Small companies often pivot too quickly, needing more conviction in their strategy. Frequent changes in messaging and go-to-market strategies need to be clarified for buyers. Building a brand requires focus, consistency, and time, often spanning years. Brands like Patagonia and Airbnb have succeeded by remaining consistent in their approach, adapting to market trends while staying true to their core identity. Refrain from constantly pivoting to the latest trends; it won't lead to the long-term success achieved through patience and consistency.

4. The power of instant testing with digital:

Digital marketing provides rapid results and valuable data for optimizing plans. With a relatively small investment, you can gather substantial data in a short time frame. This data-driven approach empowers marketers to propose well-informed strategies to executives without overspending.

5. An effective marketing strategy:

A successful marketing strategy combines various elements. Digital marketing delivers fast results and abundant data. Still, it should not be solely relied upon, especially in B2B, where low-quality leads can waste time and trust with the sales team. While providing little results, content marketing can create momentum for the business. Finally, community-based marketing, word of mouth, and event marketing build lasting connections with customers, though they require developing time. A well-rounded strategy encompassing all three approaches sets the team up for success and fosters a brand that endures.

6. Dominating a category:

Many companies have been overly focused on discussing mission and vision, but customers are more interested in the value a product or service brings to their lives. To learn more about building a timeless brand and its impact on revenue, catch Robin Daniels live at Marketingland, where he'll dive deep into brand-building strategies.

If this topic resonates with you, please like, share, and comment below. Your engagement helps spread valuable insights to a wider audience. Let's build a community of marketers thriving in challenging times! 👍🔄💬