It would be easy to think January 2023 will be all doom and gloom for marketeers with recession looming, especially when only c. 9% of companies win during a recession, but for the smart marketeers amongst us, the challenge is exciting. It’s how you choose to embrace those challenges that will really set apart the winning marketers. I often use an analogy based on motor travel when I run training for people. Typical marketeers focus on the individual parts of a plan let's say like the wheels of a car, whereas the really excellent marketeers focus on the whole car, great marketers focus on the destination, where it’s going and the journey it needs to take to get there. So let's take a look at my five crucial elements, that are going to make it a worthwhile journey.

First priority is to focus on the consumer, all experts are saying this, but the data shows its actually true -  the top companies all invest 1% of their revenue in insight.  If you don’t keep close to your consumers and what they want and need it will be easy to miss the mark. This is something often new start ups do really well and why they speed off out of their tracks.  You don’t have to have a massive budget, you can gain insights from consumers in really cost efficient ways. If you don’t understand your consumers properly well you may as well give up.  

Secondly build a distinctive brand, one that’s memorable – make advertising that makes an emotional connection, doesn’t just do a short term sales job. These are the ones consumers remember long term – Hovis, Specsavers etc. Obviously, it’s never one size fits all and all categories work differently in a recession, but the bulk of the data to proves that brands investing in a recession in terms of maintaining competitive share of voice deliver 4 times share growth. Don’t settle for ok, make sure you find out a distinctive space that gives your brand the wow factor.  And then execute it consistently, again those of you that know me know I love ‘matching luggage’ marketing, where your brand always looks the same, and this really helps to drive awareness and keeps it top of mind. In the end it is about being brave enough to invest in building brand equity not just short term sales performance.

Thirdly keep innovating it’s a perfect time to bring out not just new products but new claims, new services and again evidence shows companies that innovate grow 7 times faster than non innovating companies (Brand Z).  But don’t just launch for the sake of it, if you’re going to do it put some investment behind it and do it properly.

Fourthly get obsessed with value for your consumers, which doesn’t mean drop your pricing or price promote, it means focusing on adding value so bundles, free things, and loyalty schemes.  And make sure you have a price point for every need and occasion, and you can be clear on this by getting number one right – consumer insight.

Finally, number five measure and be able to prove your success. In a recession everyone wants to see sales maintaining and profit but it’s our job to show this over the long term – the job of advertising isn’t delivered in a 12 month P and L.  Again, you don’t have to have deep pockets to make sure there’s ways to prove the value marketing has added.  If you don’t, you’ll struggle to get the increased investment when you come out of recession.

For me personally as a marketeer, not a consumer, I think this offers an exciting challenge to relook at every decision, to do things differently and steer a brand through tricky times.  

As Senna said, “you cannot overtake 15 cars in sunny weather but you can when it’s raining”.

It’s raining, get your brollies out and prove you have what it takes to be a champion marketeer.