Ep #36: What To Do As A Marketer When There's A Recession
As a marketer, there are things you can do right now to position yourself for success regardless of whatever economic conditions may come. Fractional CMO Show host Casey Stanton looks at the fallout of recent economic downturns and how marketers from every industry have been impacted. By the end of this episode, you will know the right way to invest in yourself, the importance of multiple streams of income, and what it takes to become irreplaceable as a marketer.
Episode highlights:
Consider what happened in the last recession as you think about the future of your career. In 2008, the recession drove overqualified people to fight for mediocre jobs because they could not find anything in their field.
The traditional way of investing in yourself during an economic downturn doesn’t actually help you because there are so many others following the exact same path. The playing field stays the same, but your debt rises astronomically.
Despite the backward logic, when a recession hits, companies almost immediately stop spending money on marketing and scale back their marketing teams.
When you start to see the signs, you need to put yourself in the best position to succeed. You can continue to do what you are good at doing, but adapt slightly to allow for multiple streams of income.
By staying focused on improving as a marketer, you can ascend to the irreplaceable level within marketing, which primarily revolves around strategy.
The role of the strategic leader cannot be commoditized, unlike so much of everything else in marketing.
Whether a recession is looming or not, you need to have a plan in place so that if the sky begins to fall, you won’t be following in everyone else’s footsteps on the trail to reinvent yourself.
Quote of the show:
”The one role that is not going to be commoditized is the role of the CMO, the strategic leader is the person who can assess where the business is, understand where the CEO wants to take the business, and then make that come true with marketing”
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