Aren’t things supposed to be better already? Seriously, we’re halfway into 2009. The economy has been stimulated, supposedly saved, but still seems stunned. Or, at the very least, stagnated.
From our perspective, the present state of the general economy (including retail and ecommerce) is best summed up in one word: tentative.
Budgets have been cut once, twice, three times, which means re-prioritization — most likely in the face of uncertain projections and goals. Small, skunkworks side projects are on the rise as marketing professionals with no money on hand search for ways to make meaningful contributions to top or bottom lines. Overloaded internal IT teams struggle to keep up with maintenance and any new endeavors, probably with a smaller staff and less outside help. And everything seems overshadowed by an intense focus on social media – how to use it, how to leverage it, how to take a bite of the apple without it biting you back.
In school, we learned a body in motion tends to stay in motion, and a body at rest tends to stay that way too. In real-world terms, this means we get attached to less-bold endeavors when everyone around us is in deep conservation mode. Thus far in 2009, the general ennui seems related at least in part to trepidation – the reluctance to try something new, lest it result in failure. In return, pretty much nothing at all has happened for any of us.
Sounds a bit grim, right? However, as the retail industry gears up for back-to-school and the upcoming holiday season, we do see reason for optimism. Consumer outlook seems to be brightening: In May, a Pew Research survey found that 53% of us feel the government is on the right track in handling the nation’s economic problems – a significant jump from mid-January when only 31% held that view. And in a survey about Father’s Day spending (conducted by BIGresearch for NRF’s Shop.org), respondents overall planned to spend an average of $90.89 — a bit less than last year – but online shoppers said they’d shell out $136.31. That’s a whopping 50% more than brick-and-mortar customers, and certainly cause for optimism in the ecommerce world.
So our advice? Get moving and take sensible, immediate action with shelved or stalled projects, promotions and feature sets, despite fears about the outcome. Fortune cookies may not be the best sources of business acumen, but Confucius was right … a journey of a thousand miles truly does begin with a single step.
Some recommendations follow, along with our first and foremost objective: Get rid of the weary and throw your weight behind what works. (Of course, we’re hoping you read Lokion’s 9 for 09 as well.)
1. Partner up for the big picture.
We all know about “management by objective.” Performance reviews loom in a lackluster year. But really, get up from your desk and renew your relationships with cross-functional teams, your direct reports, peers, vendors and higher-ups. Get clear on the overall company goals, and then align yourself with them. More than ever, making a difference in the big picture matters in this economy.
2. You’ve gotta read the reports.
Take Q1 and whatever draft you have on hand for Q2. Look carefully for trends in all sectors and segments. Make actionable recommendations to cut off the dead and dying. Kill the weakest content. Review your search engine marketing tactics. There is no sense in maintaining effort where there is little or no return.
3. Make your mark.
Do something already! If you have a budget — any budget at all, or even extra energy to give — go ahead and get those projects in the works. Take time to ensure your mix of tactics includes the tried-and-true, the must-haves, and one trial balloon that all align with the big-picture goals. If something flops, cut your losses and move on to the next idea on the list before the end of September. This way, you can take advantage of any uptick that may come your way before the holiday season.
4. Refuse to be dragged into maintenance mode.
Find the right mix of budget, people, and vendors to launch those new features/promotions that support your business goals. Keep things sensible and trackable, of course, but resist the urge to play it safe in maintenance mode. If you stay right where you are, you’d better get used to the scenery — it’s unlikely to change.
5. Resist the pressure to focus solely on social media.
By the same token, don’t put all your eggs in the social media basket. We know it’s the latest trend but despite what you may have heard, Twitter and Facebook are part of an overall comprehensive strategy – not a strategy unto themselves.
