Thriving in Challenging Financial Times
Estimated Reading Time: 2 minutes
Why visionary leaders see opportunity when others see challenges.
It’s officially here. 2022 ushered in the first US economic recession since 2009. So how should you, as a business leader, respond?
The data says, quickly and decisively, if you’re to take advantage of this opportunity and limit risk.
Marketing leadership’s outlook.
In their annual Pulse Survey, PwC provided a glimpse into how other CMOs and Marketing leaders view their organizations’ challenges as we enter an environment we haven’t experienced since 2009.
On average, marketing leaders had a 10% bleaker outlook on how the macroeconomic environment would impact their company across all categories compared to their C-suite colleagues. The top concerns reported were tax policy changes, US-China relations, interest rates, and regulatory environments.
Additionally, marketing leadership named pricing, consumer expectations/preferences, budget, buyer personalization, and privacy concerns among their top priorities for 2022/23.
Why do marketers report higher levels of concern?
Our recognition of the company’s challenges could be related to our function within the business. It’s the Marketing leadership’s responsibility to have our fingers on the pulse of our industry and buyers.
The key is our buyers (people). Macroeconomic influences change our buyers’ behavior, affecting company growth, market share, and brand.
We see people’s behaviors and ask- what does this mean for our company?
Recognize your challenges, understand the stakes.
There are reasons for optimism in 2022/23, but challenges are real. And with opportunity comes risk.
According to Gartner, 70% of companies don’t regain their pre-recession growth levels in the 3-years following a recession. Also- only 5% of companies consistently achieve profitable growth above their competitors during recessions. Companies that adapt during recessions become clear market leaders, those who don’t struggle to maintain market share.
You’re in a high-stakes game with high rewards.
The reward for successfully navigating recessionary conditions is visible in the Total Shareholder Return Index.
Fortunately- the data helped identify a consistent strategy linking the 5% of companies that successfully manage recessionary conditions-they lean into digital transformation during downturns.
A reason to be optimistic.
Going digital is different in 2022/23.
As technology changes and companies embrace digital transformation, the next wave of digital transformation goes beyond internal systems and streamlining workflows.
The next wave of your transformation must focus on investments to improve your customer’s experience.
You have to develop a comprehensive digital engagement plan that creates seamless experiences for your customers and enables your sales teams to communicate your differentiation value.
Companies that successfully implement an enterprise-wide digital engagement plan will emerge as industry leaders.
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Smart marketing leaders know digital transformation is an ongoing process vital to surviving recessions. Learn how they’re using technology to meet evolving buyer demands.