At Integrity Marketing and Advertising Consultancies we have been planning each move very careful..
Since end of 2008, Creative and Marketing Consultant agencies came at sudden stop after running for previous three to five years at 150 miles per hour. Two type of players seem to have gone out of business, (i) those who looked at their company as cash cow operations, and (ii) those who’s been forced out it due to overhead and fixed overload.
At Integrity Marketing and Advertising Consultancies we have been planning each move very careful to continue sustaining our operation. In fact, we felt that we can continue to press on only if we follow certain rules. Some of which can be common sense while dealing with economic crisis. Other approach would involve doing things differently.
Rule number one: Know your customer and match with inner corporate services strength:
This would require good listening skills to try and gage the state of mind and specific situation the business is going through. Don’t focus on traditional marketing and advertising agency type of questions like “what is your marketing budget?” and rather focus on providing every reason why your company would work to extra-mile every your client’s remaining available budget. This approach is most like to reveal a true partnership like advice and would almost guarantee you a space for a follow up meeting.
Review your targeted client portfolio, and look to match your organizational skills with new market segments that could benefit from the same.
If you were a company to have spent most of your capacity servicing the Real Estate sector in the middle, maybe it is time to shift and sharpen your corporate marketing skills to services other sectors. Strong creative design capabilities are thought for in Real Estate, however, research and planning for communication in search of target customers insights is more value when selling FMCG. Hence, agencies and consultants may need to relook their staffing structure and available in house capabilities, and seek outside short term support for this shift and another lift off.
One need to be smarter in managing corporate cash flow:
Well this also a science driven activity and not just art. One need to make informed investment decisions driven by facts and figures with an eye on the future. Here one has to be extra careful not to jump on a business opportunity without carefully weighing the contract terms fact. “A dollar or a Dirham today is worth more than a dollar tomorrow” a rule of thumb that every business should fight for when negotiating deals. This should be considered even at the expense of turning your back on certain business opportunity. Rest assured even a Rolls-Royce needs gas to run for the short term! Otherwise it will not perform up to expectations. Therefore, serious clients who believe in a business added value will work with you to ensure on creative payment plan solutions that would ensure getting the most out of your services for their own short and long term benefits. Otherwise, the client and your agency would be taking a serious risk.
Last but not least, stay focused, and face realities and never become relentless to a state of denial. You are bound to make it.