The looming economic downturn has many marketers reconsidering and scaling their plans for the year ahead. As you review your marketing initiatives for the new year, here are some areas where you shouldn’t skimp — if you can, invest more — to ensure your marketing is successful and your goals are met.
Invest in Data
As marketers, data is our lifeblood. With a recession on the forefront, efficiency and accuracy in targeting is the key to success. This all starts with having the right data to reach the right audience at the right place and time. For B2B marketers, being efficient through ABM program, requires the right data to reach decision makers with the right message in their buying journey. A retail media network (RMN) is also a sound investment when looking to build reach to your target customers. RMNs not only help you connect with your consumers, but it can also provide another source for profitability. RMNs enable retailers to monetize their shopping audiences by allowing advertisers to build their audiences, and send targeted ads to their customers through the retailers channels.
Protect Your Brand
Even when dollars feel tight, protect the value of your brand at all costs. A strong brand that has clear purpose is invaluable. If you underinvest or stray from the brand, you may quickly lose what your company has spent years or decades building. Starbucks taught me the most about how sacred your brand is. Everything Starbucks does is aligned to its mission “to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.”
Don’t Skimp on Your People
Most fundamental to any marketing team is the people. Make sure each team member has a clear understanding of your company’s values, overall goals, and how their role is critical to the success of the business. At LiveRamp, one of our core values is we empower people. Empower your team to think creatively and execute on their goals. Continue to develop the talent and invest in coaching and training to help them achieve their goals and feel value in their roles. Know what motivates the people on your team and how to fuel that motivation. Foster a sense of community, even in a hybrid working environment. The vast majority of people want to feel connected to something bigger than themselves.
As we head into a new year, there are so many things to think about, but these three are top-of-mind, particularly as the economy feels uncertain. Wishing you all the best for 2023.