Co-Founder, Trevelino/Keller. Former global agency executive. Charged with establishing the firm as one of the more disruptive in the SE.
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The proverb “fortune favors the bold” dates to at least 161 B.C. That year, Roman African playwright Terence used the phrase in his play Phormio.
According to the same source, Pliny the Elder used the phrase as he led a fleet to Pompeii to investigate the eruption of Vesuvius in A.D. 79. More modern-day uses include the Royal Air Force and the U.S. Navy. Even ads for Crypto.com featuring Matt Damon used the variation “fortune favors the brave.” The notion of cryptocurrency evokes boldness: Find a better way.
The proverb uses fortune as the personification of a force in the world that chooses those it favors. The bold, brave and strong are more likely favored, according to the proverb.
A Timely Sentiment
“Fortune favors the bold” encourages people to push the limits of what is achievable. Acknowledge the risk involved in pursuing a winning gambit. If the risk is deemed acceptable, commit to the strategy and never look back.
What’s the alternative? Every sports fan has seen a team build a lead, then try to run out the clock. It’s a strategy that often fails. The team ceases to lead and eventually relinquishes its momentum. Bad idea.
Being bold during great times is often the cost of doing business, but it’s also the path to building momentum. And great leaders recognize not only the importance of momentum—in sports, military endeavors, business, etc.—but how much can be gained or lost when faced with adversity.
So, how will the bold proceed in this business environment? Economic headwinds and inflation are real and should not be ignored. However, history tells us indiscriminate budget cuts are momentum busters.
Recommendations
Savvy marketers know there is an opportunity to gain market share when competitors make spending cuts. Revisit your strategy, distribution and spending allocation in response to changes in product/service demand.
Think about how consumers perceive your product/service offerings. Are they perceived as essentials, justifiable indulgences, purchases that can be postponed or as unjustifiable expenditures? The answer should impact your spending allocation.
1. Reallocate some paid advertising money to ‘earned media.’
Double down on your company’s earned media spend, using a small portion of what had been allocated to paid media. Consumers and businesses still make buying decisions based on the reputation that’s advocated by credible third parties—media, podcasters, even influencers. Build up that base of reputable content and leverage it across your channels and ecosystem.
On the paid media side, look for firms comfortable working with lower spend—they exist. Limit paid search to the most high-impact keywords/phrases. Remarketing efforts should remain within the budget. Explore account-based marketing if your targets are high-value accounts. Highly personalized custom content is effective with this audience.
2. Invest in content to build quality traffic.
Perhaps the most difficult tweak to the marketing effort is adjusting your mindset. Lengthen your expected payback period to the next six to 12 months. Increase content—blogs, podcasts and videos to support SEO— even though its benefits are longer term in nature than usual. When times are good, this approach takes a back seat to quick wins from performance marketing and paid clicks. This is the time to balance short-term and long-term wins.
In uncertain times, building long-term organic traffic is just smart. Don’t ignore the facts. In 2021, there were more than 4.2 billion social media users in the world. This number has grown a whopping 31.4% since 2018. In terms of reasons for using social media, leading the way at 36.5% is for news and current event information. That bodes well for companies building brands and selling products, as does the fact that 27.5% of users research products to buy via social media, all according to FinancesOnline. So, figure out the best way to deploy your content across the target-rich social media landscape.
3. Take on a value-added tone.
This is an extraordinary time with unusual challenges. Businesses that help their clients overcome challenges will enjoy their long-term loyalty. For example, many businesses are beginning to feel the pinch for new customers. Their need is immediate. At the same time, some still need talent to help them reach those new customers.
Those are two very different challenges. If your business is fully staffed, you are positioned to solve both challenges for your client. By leaning on your agency though, the business can win new customers without immediately increasing its payroll. Your value as a business partner skyrockets.
In times of economic uncertainty, marketing departments are often told to reduce their spending. That means competitors are falling off the radar. Just as important, the cost to activate campaigns on those once-expensive channels is going down as part of the ripple effect. Digital and traditional mediums are making deals with bold brands that see this unique window to either close the gap or broaden it. It’s a win-win. Own the landscape and pay less doing it.
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