In today’s business environment, marketing teams face various challenges, such as budget cuts, layoffs, and mergers and acquisitions (M&A). These circumstances may disrupt the team’s normal functioning and threaten its productivity or survival. In our interview with Teresa Leno, CEO and Founder of Fresh Finance, she discusses how, with a flexible approach, marketing teams can survive and thrive amidst these challenges.
Leno says that when budget cuts come around, marketing teams are often the first to feel the pinch.
“Many wealth industry organizations view marketing as a cost center rather than a revenue-generating one. However, when the marketing budget and teams are cut, the residual effect often comes later, forcing them to rehire and reprioritize marketing once again,” she adds.
However, despite limited resources, marketing teams can still effectively deliver on their projects and campaign requirements by thinking innovatively. Here’s how.
Prioritize key actions
During times of change, marketing teams need to prioritize their actions. Budget cuts mean less room for experimentation, so focusing on tried-and-true tactics that deliver results becomes paramount. It’s vital to hone in on activities that bring the highest return on investment (ROI), such as email marketing, content marketing, social media, and SEO.
Leverage digital tools
“Leveraging digital tools and Martech platforms can help marketing teams address their streamlined budget. When team member count is down, tools like Fresh Finance can assist marketers in various tasks, from social media management to enterprise email automation. An effective tool can lessen manual workload and increase productivity, ensuring the team can deliver more with fewer people and budget,” says Leno.
Be open to change
Adapting and showing resilience is just as crucial when dealing with M&A scenarios. During these times, marketing teams can face layoffs, cultural changes, and shifts in strategy. The key here is practical and transparent communication. Ensure that every team member understands the rationale behind the merger or acquisition, the potential benefits, and how it most likely impacts their role to alleviate uncertainty and maintain morale within the team.
Additionally, the merging of two companies usually means the merging of two different marketing teams and strategies. Here, the ability to embrace new ideas and adapt to change can differentiate between independence and failure. Creating an environment that encourages open dialogue and collaboration, including pooling resources, strategies, and ideas, is crucial, leading to synergistic outcomes and a unified team.
She adds, “Upon consolidation, the company’s objectives may change. Therefore, the marketing strategy must be revised to reflect these new goals and help ensure efforts focus on driving the newly merged company forward.”
In conclusion, industry marketing teams are facing budget cuts and M&A. They can navigate these challenges by prioritizing key actions, leveraging digital tools, communicating effectively, embracing change, and aligning their strategies with the new business goals. By incorporating these strategies, marketing teams can survive and thrive.
In closing, she adds,
“Change is inevitable in today’s business landscape, but your team’s ability to adapt to new circumstances will set it apart for job security and budget redemption.”
Teresa Leno worked as a financial advisor and experienced firsthand the importance of financial education to help clients make more informed decisions before a crisis. Through her experience, Fresh Finance was started as a financial content marketing solution to help advisors validate their expertise through sharing content.
