As I listen to the news the past few weeks and speak with CMOs throughout the world on the implications, I started thinking beyond "Marketing in a Recession" to ways we as CMOs can not only survive, but thrive during this time. A few thoughts on things to focus on:
1) With all the layoffs and downsizing, now is the time to build the "star" quality in your organizations. Tap into companies letting good marketing people go and get them on your team. As we all know, it's all about the quality of your teams. I think this remains the single biggest priority as leaders.
2) Leverage CMO stars that are between jobs. There is a growing number of CMO "stars" on the beach right now. Reach out to them and have them help you solve the tough problems you are facing. Don't hire them to work on your next campaign. Hire them to help think through big strategic issues. Let me know if you are interested and I am happy to introduce you to the "stars" I know. I also know a few that would be interested in "equity" plays or "rev share" plays.
3) Take advantage of reduced costs of online ads. With auto industry, financial services, and travel taking a hit, there will continue to be a growth in inventory for you to swoop in and leverage.
4) Look into expanding partnerships with some bigger players. As we all know, most Biz Dev. programs with larger partners are based on good intentions, lots of lip services on your business being a priority to them, with little real return. Now may be the time to rethink partnerships and work on ways to leverage their increased interest in making money with your help. Don't just approach with the same model either, think through how you would leverage partnerships in new revenue generating ways.
Just a few thoughts to consider. Please add your comments with other tips for CMOs in the club on "thriving during this downturn".
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