Saving your budget (and keeping your team employed) in a down economy really boils down to one word: profit. If you're not making money, you're losing money—and that's never good for business.
Just the other day I was on a plane to Vegas to meet with some partners, and aboard the flight were two teams of "axe men" going to shut down and slash their company's regional offices in that area.
These guys were a far cry from George Clooney's character in Up in the Air, but the results were going to be the same: lost jobs, possible foreclosures, not-sufficient-funds (NSF) checks, uncertainty, and more.
The bottom line is the bottom line, and that's how it always will be. So it's our job as marketing executives to protect the company, our department, and our teams and their families by thinking smarter, acting faster, and generating revenue for the company when it's needed most.
And when it comes to profit, ROI (return on investment) is everything.
ROI is boss
Look at the line items of your marketing budget daily, and constantly measure the results of each channel or tool in your marketing mix.
If print accounts for 80% of your bottom line and you haven't made major adjustments, you're probably in trouble. Consider rethinking your media buys in print and leveraging Web placement and search-engine optimization (SEO) efforts.
Those tactics can be tracked with almost pinpoint accuracy and deployed with far less commissions, creative cost, or long-term buys three months prior to the ad drop (as with a lot of monthly publications).
We have moved our mix from 80% monthly publications (Smithsonian, Time, etc.) to 40% while increasing our SEO, Web, and weekly placements to 60% of our mix. We are able to show tangible results weekly and place ads that are timely to the market—not three months behind.
ROI is king
Your company is in business to do two things: provide a product or service to an audience, and make money (and probably not in that order).
The further away any team gets from adding value to the bottom line, the greater risk it runs of being downsized. Value is the key. The more value, profit, benefit, confidence, hope, joy, and strength that you and your team bring to the table, the better.
When you're at lunch, make sure to speak with your peers about how their department is doing and help them talk about their frustrations if they'd like to. Offer ideas if you have any; and, by all means, offer to help or listen anytime they want.
Share thoughts about what your department is doing (Hint: If it's working, don't brag!) or what you plan to do and why.