McKinsey and Company has been pushing out a lot of good research lately, which is the reason I find myself blogging about them yet again. This latest article in the McKinsey Quarterly speaks to one hot-button topic that’s bedeviled the CRM industry for decades: the economy and marketing.
Marketing during an economic downturn has always been a tricky proposition, which is one reason why this article caught my attention: as a member of the SugarCRM marketing team, it speaks directly to both my profession and the industry in which I’ve worked in for nearly five years. When the economy takes a nosedive, marketers have traditionally focused on their most profitable customers and have fallen back on traditional mediums, such as TV or print, to convey their messages amid tight budgets.
But just as Martin pointed out in his blog about Sales 2.0, marketers during an economic downturn should look to embrace new, and quite frankly cheaper mediums, such as the Web, social networking and mobile devices, and consider new customer bases and consumer segments that the company hasn’t traditionally considered in the past.
The good news is that many of today’s CRM suite offerings and best-of-breed marketing applications now allow for these capabilities to be furnished into the day-to-day operations of a marketing department. Being able to customize or integrate these solutions with others will be essential for marketers that are looking to weather the storm by taking a more futuristic-minded attitude.