marketing in the current economic environment
Do company owners just not listen? Do they not look back on history and see how many companies that have gone from being small and relatively unknown to large corporates through marketing in an economic downturn?
On Monday, at Marketing Eye Melbourne, we had a position vacant for a Marketing Executive to work with small to medium sized businesses on developing strategic marketing programs, public relations, advertising, branding, digital marketing and promotions.
Over 300 people applied from Monday afternoon until Wednesday lunchtime. Of the 300 people, over 80% don’t have a marketing job right now.
12 months ago, we received 80 applications for the same position with over 60% of people employed sending in an application.
What are businesses doing? I don’t for a second think that all of these people are under-performers. The ones I have interviewed so far sound dynamic, experienced and incredibly excited about the prospect of working with companies to help them grow through marketing.
I still have alot of applications go through, but I am alarmed that companies have ‘let them go’.
As a business owner, we have no control over the potential loss of revenue or profits that may occur due to the current state of the economy.
What we do have control of is how well we respond to the economic downturn.
Whilst most companies have been frantically cutting costs and reducing expenditure, it still seems that marketing is on the top of most businesses chopping boards.
Why is marketing so important? Where is the benefit in marketing in an economic downturn?
These questions have been answered over and over again in blogs, in the news and in everything we read, yet marketing still remains seen as a non-business critical expense.
What do you think?