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PM Forum - New York
Brave new world or grave new world?
As a UK PM Forum member, I was delighted to attend a New York event whilst in the city on business. Robert Pay, from Z/Yen Group Limited, gave a highly topical and informative presentation on how marketing professionals can add value in the credit crunch. Robert’s presentation and the supportive discussion which followed, gave the audience plenty to consider in the current economic climate. I’m now back to business in London and I have already been able to implement much of what I learnt.
Robert began his session by putting today's economic climate into context. He highlighted the US recessions from the Knickerbocker Trust in 1908, to today’s “Credit Crunch.” Previous recessions have shown that we can expect to experience a cancellation, truncation or postponement of work. There will be an emphasis on “essential” work whist some areas such as change management, are likely to flourish.
Robert provided some tips on how to create a “recessionary product portfolio” and how to refocus and flex your resources. It is crucial to have a client focus and understand your client’s current priorities, these should be central to your service offerings. Look for potential growth areas and consider new or repackaged services. There may be opportunities for your organisation to add value by providing insights and an external perspective. Robert cautioned against the pressure to “sell something” which undermines strategy and positioning.
A recession is likely to have an impact on client’s decision making and it is important to understand these changes. The drivers for individuals and companies may change as they respond to changing priorities within their organisation. In this climate all costs and fees are likely to be increasingly scrutinised by clients and require further justification.
Robert suggested it is timely to reconsider your client relationship management programme. There will be changes to client contacts as key contacts move within organisations to different positions, less powerful people may become powerful and “old friends” may depart. At these times, more than ever, it is important to secure relationships with people in different parts of an organisation and with different levels of staff. In addition, Robert recommended identifying mutually beneficial connections between clients.
To demonstrate value to management teams you should bring in efficiencies (through technology and centralization) and identify market reputation measures. Market intelligence is available to improve your insights and to help you focus activities. To help your marketing budget go further, recycle ideas in different channels and be ruthless on waste. Robert reminded us to not rule out doing what others have already done, in fact "stealing and copying" others ideas might be worth considering as long as you implement them better!
Anna Crilly
Institute of Chartered Accountants in England & Wales (ICAEW)
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