We asked some friends of The Mather Group for advice going into 2023 which feels like a year that’s starting more uncertain than most in recent memory. Their thoughts below.
- Develop your own internal attribution metrics and analysis
- Vet against 3P data and platforms, but only trust what you can measure and attribute internally
- Leave no stone unturned for customer acquisition and experiment often: SEO, Marketplaces, Social, Paid, Print, Affiliates, Word of Mouth – each has its place and contribution factor…don’t allow one mode of acquisition dominate
- Know your nectar: Nectar can be defined as the margin driven by your best customers and best products – focus on the nectar….optimize, iterate – wash rinse and repeat
Here is my piece of advice for interesting times…
If you don’t like inflation, cut back on spending. Inflation is happening because people are willing to pay whatever is being asked. Set a budget and keep a budget. It may mean sacrificing, but eventually the prices will come back in line when demand decreases and supply increases. Merchants will be discounting and begging people to buy.
In that same vein, savings will be the secret weapon on the other side of economic disruption. Find a way to set aside money that can be used when there are great opportunities to invest. Otherwise, one will always be behind the curve.
During interesting times like these, it’s important to focus on what you can prove with data. As a Marketer, now is the time to make sure you know cost per conversion for every channel you manage and how those conversions translate into revenue for your business. Being able to communicate how your efforts directly tie to revenue will be essential to keep Marketing steady during a choppy year. Make sure to build a strong relationship with your Finance team, meet with them regularly, and find common ground for connecting Marketing to key business metrics.
Not sexy, but true in my experience 🙂
For companies working in professional services, internal marketing and communications are critical during times of uncertainty. If you’re fortunate enough to be hiring, share open positions with your colleagues and let them know that the team is growing. Demonstrate your company’s consistency by sharing corporate updates and brand-building images, such as from conferences, client events and team get-togethers. If possible, celebrate your employees’ accomplishments and wins internally and on social media.
Times of uncertainty breed anxiety, and you can alleviate your own and that of your employees by remaining calm and projecting that feeling.