Leadership in Turbulent Times: A Marketer’s Perspectives : Global CEO Magazine
Introduction
In an era of unpredictable events, leadership takes center stage. This article, from a marketer’s viewpoint, underscores the value of marketing even during economic uncertainty. It encourages an investor mindset, dynamic strategies, and technology-driven approaches. It explores Gen Z’s influence, the importance of consumer trust in the digital age, scenarios planning, expanding into lifestyle services, GloCal markets, MarTech, and diversification into new business models. Adaptive leadership and understanding evolving consumer needs are crucial for thriving amid uncertainty.
Marketing: The Unfortunate Casualty
During periods of economic uncertainty, it is not uncommon for companies to tighten their belts, with marketing often being the first casualty. However, this shortsighted approach can be detrimental in the long run. Instead of slashing marketing budgets, forward-thinking companies can view marketing as a key driver of long-term growth.
Adopting an Investor Mindset
The volatile economic landscape has left many companies feeling skittish and inclined to cut costs wherever possible. Nevertheless, marketing remains crucial during times of uncertainty. Rather than reducing marketing expenditure, organizations can empower their Chief Marketing Officers (CMOs) and decision-makers to adopt an investor mindset. By identifying and eliminating inefficient spending while reallocating resources to high-growth areas, resilient marketers can weather the storms and create opportunities for a stronger rebound.
Rethinking Strategy in Turbulent Times
In times of turbulence, the conventional approach to strategy may prove inadequate. The business leaders, strategists, and marketers of today must reconsider what constitutes a good strategy. Instead of static plans, strategy-making should be viewed as a dynamic and continuous process that adapts to evolving circumstances.
Global CEO Magazine article
Technology-Powered Business Strategies
From a strategic standpoint, businesses should prioritize technology-led strategies over strategies supported by technology. The digital revolution has disrupted industries across the board, and embracing technology as a core driver of business is essential for survival and growth.
The Digital Transformation Imperative
The COVID-19 pandemic has accelerated digital adoption to unprecedented levels. Companies offering digital solutions found themselves at the forefront of this transformation. Videoconferencing, online banking, and electronic transactions have all surged in popularity, emphasizing the critical role played by the Information and Communication Technology (ICT) sector in maintaining connectivity and shaping our digital future.
Anticipating Gen Z’s Influence
As we look to the future, it is imperative to consider the impact of Generation Z, a demographic born and raised in the digital era. Super Apps, which offer a myriad of services within a single platform, have gained immense popularity among this tech-savvy generation. Companies in the digital space must anticipate and adapt to the evolving preferences and needs of Gen Z.
Building Consumer Trust and Enhancing Digital Experiences
From a marketing perspective, building and maintaining consumer trust are paramount in the new normal. Businesses must invest in digital tools and prioritize consumer trust in all their endeavors. With digital penetration reaching unprecedented levels worldwide, companies are engaged in fierce competition to secure their position within the digital ecosystem.
Scenarios Planning
To navigate turbulent times effectively, companies can employ scenario planning to anticipate various political, economic, technological, and social conditions. By developing best-case, worst-case, and base-case scenarios that are probability-weighted, organizations can better assess strategic moves.
Expanding into Lifestyle Services
ICT companies and digital powered organizations like financial institutions etc. are well-positioned to expand beyond providing mere connectivity services. With access to a vast customer base, they can venture into new areas that address people’s everyday lifestyle needs. This expansion extends to education and healthcare, with a focus on delivering engaging and high-quality solutions to these sectors.
The Rise of GloCal Markets
While tech giants like Netflix and Uber enjoy global reach, local preferences remain a significant factor. Emerging operators are now offering tailored services that cater to regional and local demands, embracing a GloCal (Global-Local) approach.
Technological Prowess and Marketing Technology (MarTech)
The barriers to building new digital businesses have lowered significantly. Companies no longer face insurmountable challenges in acquiring technical talent. Smaller teams can develop and release digital applications swiftly, democratizing innovation within the industry. Furthermore, marketers should harness the full potential of Marketing Technology (MarTech) to optimize their strategies and improve ROI.
Diversifying into New Business Models
In response to the evolving landscape, companies are diversifying into three main types of businesses:
- Data Analytics Businesses: Leveraging existing customer data to offer insights and consultancy services to various sectors, including retail, banking, and telecom. These services support the growing fintech industry and financial literacy initiatives.
- Ecosystem Businesses: Building portfolios of digital services that complement the core business. These ecosystems often involve collaborations within the same industry and serve as gateways for third-party apps and other service markets.
- Marketplace Businesses: Venturing into marketplace spaces to sell goods and services through e-commerce trading platforms. Such marketplaces often feature special discounts and benefits for subscribers.
Conclusion
In conclusion, leadership in turbulent times demands adaptability, innovation, and a profound understanding of shifting consumer needs. The digital landscape, which plays a pivotal role in modern society, continues to evolve, and businesses must remain attuned to global trends while catering to the unique demands of local markets. By nurturing consumer trust and delivering exceptional digital experiences, companies can not only weather the storms of uncertainty but also thrive and lead in these challenging times.
(The author, Niroshana De Silva, Head of Marketing & Strategies of the SLT Digital Services (Pvt) Ltd. He is a Chartered Marketer, Founder, Intrepreneur and an experienced Public Relations, Corporate Communications, Brand Management Professional and Strategist. You can reach him on prminds@gmail.com)
