These referral marketing statistics tell a compelling story on how to acquire new customers to drive business growth by leveraging recommendations.
So Your Marketing Team is Shrinking... Now What?
Whether it's the looming recession and economic instability, or just investors being spooked by the 'great tech correction' - marketers continue to be asked to do more with less people-power. Find out how to succeed in the face of a shrinking team.
If you’re a marketer, you’ve likely seen your marketing team shrink. And, it’s likely been attributed to market uncertainty in the face of a recession, or, prompted by spooked investors watching the great tech correction happening with tens of thousands of people at leading tech firms being cut loose.
And whether or not a recession actually happens, the fact is, the size of your marketing team will always be subject to the following factors:
Budget cuts: Companies may need to reduce their expenses during a recession, and marketing budgets are often one of the first areas to be cut.
Reduced demand: During a recession, consumer spending decreases, leading to reduced demand for products and services. This can result in companies reducing their marketing efforts to match the reduced demand.
Decreased revenue: Companies may experience decreased revenue during a recession, which can lead to cuts in marketing staff in order to conserve resources and reduce expenses.
Shift in priorities: Companies may need to focus their resources on core operations during a recession, leading to a reduction in marketing staff as non-essential functions are cut.
Restructuring: Companies may need to restructure their operations during a recession in order to remain competitive and survive. This can result in a reduction in marketing staff as part of the restructuring process.
That said, it's important to note that while a recession can result in a reduction in marketing staff, companies that continue to invest in marketing during a recession may be better positioned to weather the downturn and emerge stronger on the other side. In fact, many marketers point to customer engagement and referrals as key differentiators in success during economic uncertainty.
So, how do you continue to meet your marketing objectives with a smaller team? Start with these six steps:
Prioritize and focus on what's most important: Identify the highest impact activities and concentrate your efforts there.
Utilize automation and technology: Make use of marketing automation tools to streamline routine tasks and free up time for strategic work.
Leverage data-driven insights: Use data and analytics to inform your decision-making and prioritize activities based on what's working best.
Collaborate with other teams: Work closely with sales, customer success, and other departments to maximize cross-functional efforts and leverage their expertise.
Focus on customer engagement: Prioritize activities that directly engage with customers and build relationships, as they are likely to have the highest return on investment.
Outsource or contract support: Consider hiring contractors or outsourcing some tasks to free up time and resources for core activities. Another way to achieve this is by leveraging managed services as a fractional marketing team (pro tip: this service is offered by Ambassador).
Fractional teams can provide businesses with access to specialized skills and expertise without the cost and commitment of a full-time hire. They can be especially useful for companies that have fluctuating workloads or need to manage costs effectively, as they allow for a flexible and scalable approach to need-based staffing, supporting the in-house marketing team.
There are several benefits to using a fractional marketing team, including:
Cost-effectiveness: Hiring fractional team members can be more cost-effective than hiring full-time employees, as you only pay for the services you need when you need them.
Access to specialized skills: With a fractional marketing team, you can bring in experts with specific skills as needed, allowing you to take advantage of specialized knowledge and experience.
Increased flexibility: With a fractional team, you can scale up or down your marketing efforts as needed, providing greater flexibility for your business.
Improved efficiency: Fractional team members often bring a fresh perspective and can help identify areas for improvement, leading to more efficient processes and better results.
Reduced overhead: By using a fractional marketing team, you can reduce overhead costs associated with hiring and training full-time employees.
More time for strategy: By outsourcing routine tasks to a fractional marketing team, you can free up time for your in-house marketing team to focus on high-level strategy and creative work.
Learn more about Ambassador Managed Services, and how you can grow more, even with less.