Marketing and cricket analogy klaxon
“Doubt kills more ideas than failure ever did”
Brendon “Baz” McCallum, former captain of the New Zealand Black Caps and current head coach of the England team, didn’t invent the phrase, but he lives by it. It underpins the cricketing philosophy the media call “Bazball” – a term he dislikes. I love marketing, and I love cricket, and in my associative mind, I can see that some of the philosophy of Bazball applies to marketing in current trading conditions.
The reason for his comfortability around the name is that it reduces the nuance and true nature of the strategy that underpins it. That said, there is one transparent central pillar: McCallum’s teams always look to play positively and win no matter how challenging the situation.
Yes, it’s a sporting-as-business analogy
I know what you’re thinking: this is heading to a sport as an analogue for business. And you’d be right. Except that, we’re talking about cricket, and as we all know (I say this very tongue in cheek), cricket transcends sport.
I was inspired to write this because maybe the current New Zealand team could use some Bazball. This weekend, exceptional batting and bowling took us apart in Sri Lanka. Sri Lanka has defeated us with some record margins.
Here’s where “Bazball” can help us with business. With current market pressures, companies in Australia and New Zealand are in challenging trading conditions. Under this pressure, they face tough decisions on where to allocate resources.
Focus on sales and marketing
The rewards can be significant for those who can allocate resources into “going on the attack”—focusing on sales and marketing—especially when their competition is cutting back. History and research have shown that this is precisely when maintaining or even increasing their marketing spend can yield significant long-term benefits.
High return on investment
A study of 3,900 companies during the 2008 recession found that those that continued investing in growth, including marketing, achieved a 17% compound growth rate. These businesses optimised their strategies, focusing on high-ROI marketing tactics rather than cutting back.
Take Samsung, for example. During the 2008 recession, the company maintained its marketing spend and rebranded itself as an innovation leader. This strategic move saw Samsung’s global brand value soar, climbing from No. 21 to No. 6, solidifying its position as a market leader.
Cutting back on marketing spend has consequences
Moreover, cutting marketing spend can have long-term consequences. Research from the Ehrenberg-Bass Institute indicates that reducing advertising can lead to a 25% drop in sales within two years. Conversely, companies that maintain or increase their marketing efforts during economic downturns often see significant sales, market share, and brand value gains as the economy recovers.
It may seem counterintuitive, but aggressively pursuing a sales and marketing strategy during tough economic times can position your business to grab market share and achieve even greater success when things improve. The pitch may be rough right now, but be like Baz and focus on winning. I’d love to discuss whether you would like help improving your run rate.
Additional citations:
[1] https://victorious.com/blog/marketing-in-a-recession/
[2] https://www.flightdigital.co.nz/updates/marketing-ROI-recession/