How Vulnerable is the Marketing Services Industry Today? How Can it Recover?
Today, when I open this group, or see my LinkedIn Feed, more than 50% of the posts that appear are about "marketing, hustling, digital marketing, social media marketing", etc.
To creators of such posts, I have only one question: it might be that you have got a lot of time in front of your system after being confined to indoors. But, isn't it the case with almost every industry, with so many industries almost seeing a grinding halt?
Yes. You would market a great product or service. Yes, you would be able to generate a great traffic for the product or service you are marketing. However, is that product or service worth selling in the current scenario? Do the potential buyers of that particular segment have enough cash in their hands for making such purchases?
Not being pessimistic here, but, isn't it the time to take a step back, compile all your marketing data collected so far, put them together to see the trends, then create product advisory for making the product affordable and relevant to the current scenario?
In other words, isn't it time to rethink on the economics of different segments, get back to your clients, work out new strategies and then coming back to what you were doing, but with a new goal and a new approach? Otherwise, wouldn't it be just a pool of mess with all your energy wasted with 2,000 sign-ups for a product with less than 5% conversions, thereby your client unable to pay you properly?
When these questions popped up in my mind, these might be circling in your head as well as you are in the field. How are you carving out your pathway to tackle something like this?