We all know that the economy has not been ideal- that much is clear. But what boggles my mind is that when these barriers of entry are lowered(strong economies are costly for entrepreneurs to enter) – therefore INCREASING competition- why businesses think it is a good idea to get rid of its media, marketing and other communications? When you examine the objections, one can see that most of them are short-sighted, hasty conclusions that therefore negatively influence consumer confidence.
Objection 1: The activities do not directly influence our bottom line.
Interesting angle. Unfortunately public relations, and marketing are usually the casualties under this silly objection. If those activities didn’t directly influence your bottom line while the economy was good, why did you do it in the first place? The more a business’ name is out there, the more consumers think a business is doing well. People don’t want to buy from a car company that’s going bankrupt, so why in the WORLD would you want to give the consumer that perception? Of course it affects your bottom line. The less consumers see you, the less your business is in their consideration sets. And the less your business is in their consideration sets- that’s right- no business for you.
Objection 2: Let’s hunker down and weather the storm with our current clients.
Cutting your communications and focusing solely on current clients may help loosen up capital in the short run. What message (remember, it’s all about what you say and don’t say) are you sending to your current clients? Because of tough times you’re going to change your vision and forget expanding? People stop accepting your lunch invites so you stop expanding “to weather the storm?” How will your business help others if you’re scared to help yourself? Not the business I want to be a part of.
Objection 3:Too much capital tied up in other things; something else had to go.
Simple- when one refuses to plan ahead and have strategies set for tough times, capital can disappear quickly. Avoid that lapse by keeping reserve funds, or an emergency line of capital. Don’t cut your public relations or marketing. You want to build more capital to create an economies-of-scale to spread the costs and risks.
Those are the objections I have heard the most. If you have others that you’d like to chip in, along with your disspelling of it, please add!
While banks continue to hold a firm grip on their wallets, and our “leaders” in Washington run around with their heads cut off, the businesspeople and economists in America are trying to figure out what lies ahead. Though things are slow, and seems like it will continue to be the case for at least one to two more quarters, the extra time allows these great minds to think of the next best thing for the economy. Or, like the way a professor from George Mason phrased it on NPR, to prepare during the “great reset” of the economy.
That phrase, the great reset is much more applicable than depression, or the economic downsize. As society and the American economy changes, certain activities become obsolete. It is natural for systems to change. A ten year old child would look and interact differently than a 18-year old, so the economy in the late 1990’s would change as it matured.
This applies to the marketing and communications field as well. Let us be the town criers for this society and let our audiences know about the new, innovative and unconventional ideas that are circulating. Let us be the gatekeepers the current media only wish they could be. Help bring change by letting loose communication- stop the censoring, let ideas go crazy. Help make a difference.
It’s almost official: DW4R (Don’t Waite 4 Results) will be opening up in Charlotte!
We will be a full-service integrated marketing communications agency dedicated to hard-hitting, targeted and unforgettable messaging for small, medium and large enterprises operating in Charlotte.
Why? Because many of the firms around here are willing to be unconventional, but not controversial. DW4R will embrace that.
We’ll have a no-bull, no-bias approach to your business’ marketing strategy. But if you want to be pretty conservative, we can work with that too.
The website should be up within the next week…stay tuned!
My mentor, former employer and friend David McLean has a blog called Hundredth Monkey Magazine. Also, check out his kick-@$$ agency The King’s English LLC.
He helped me really wrap my head around what marketing communications and public relations are all about, and his staff is as sarcastic as it is talented. Which means it was a joy going into the office every day.
From racing toy cars in a parking lot, to organizing creative meetings to plan an out-of-home (OOH) campaign, King’s English was a nurturing and competitive (and fun) atmosphere. Get ’em David!