One of the most popular career choices for many graduates (management and non-management) is marketing. The glamour of brands and consumer marketing invariably attract the crowd. The feeling of being in the market place, interacting with consumers and designing campaigns to engage with them is an adrenalin stimulant for many.
However, when the going gets tough, marketing budgets are the first to get slashed. The logic here is : The market is down, consumers are not buying, so why spend on marketing?
Beth Comstock, a senior marketing professional at GE, says “A Marketer is a terrible thing to waste.” In crunch times, it is the marketer who stands up for the organization, turning crises into opportunities. In this article in Businessworld, Beth writes,
Marketers are for all seasons. We heed a crisis as a cue to leverage the moment while at the same time transcending it. We’re ambidextrous, with one hand optimizing today and the other hand building tomorrow. As Paul Romer, the Stanford economist, has said: “A crisis is a terrible thing to waste.”
Marketers by nature are people who look beyond the immediate sales. They look to developing rich relationships that will remain evergreen even as the environment changes. For this, a marketer must have three basic capabilities, which Beth describes as follows:
- Understanding the needs of the customer
- Gaining share of the market
- Redefining value and new measures of success
Understanding the needs of the customer: What is the environment that eggs consumers to buy? Can we redesign ourselves to facilitate that? In a way, this is called “responding to the market”. Instead of just throwing your hands up and saying the market is dead, look out and say, hey this market is alive! For example, for a travel company, if flights are too expensive, so should a tie-up with railways be made? Will it give more options to the consumer?
Do you have wheels that can be redesigned?
Gaining share: If customers find you valuable during the downturn, they will find you even more valuable during the boom. By understanding customers and redesigning your offerings, you are in a position to gain market share over your competition.
Clearly, you can gain short-term success and long-term loyalty during a downturn simply by being engaged with your customers and partners.
Redefining value and success measures: Needs change with time and situation. So what was considered valuable in one age may be redundant in another. It is therefore important to recalibrate and redesign the notion of value.
In a crisis, needs change for both you and your customers. Understanding these changes early allows better targeting and differentiating of what you have to offer.
After having had an insight into marketing, do you think this is a possible contribution space for you? Would you like to build a showcase of yourself and position yourself as a marketer? Write to us.