Marketing Must Invest in People with an Always-on Approach to Upskilling
Marketing leaders know the value training and development can bring to their teams. Yet, the FUD factor (fear, uncertainty, doubt) in today’s economic environment asks if it is worthwhile at the current time to invest in people and teams to build knowledge and develop or enhance skills.
The sting of rising interest rates, inflation, and the constant chatter of a recession always involves significant declines across internal and external investments. As talk of efficiencies and belt-tightening become the norm, we know it is shorthand for marketing to slash budgets. And learning and development become the primary target area to pause or omit as we wait out uncertainty.
But we know that’s not the smart move.
Short-Term versus Long-Term Thinking
Much of this comes down to short-term thinking. It is the same marketing addiction to the short-term that creates a dependency on BOGO offers, discounts, contests, and other repeated knee-jerk tactics to hit an objective no matter what it takes.
When we sell at all costs, we see value only in our pricing. It comes at the cost of diminishing brand value, strategic positioning, consumer perceptions, and consideration over the long term. It’s a vicious cycle—a Catch-22.
Unfortunately, the same POV is taken with our people and teams. Tough times mean layoffs, budget cuts, and a slowdown in training activities. The message it sends is that when we need our people the most, we prioritize cutbacks over helping them learn and grow. This is a short-term gain that breeds long-term pain.
Invest in People. Always.
In our work at NavigateAgile, helping large and smaller organizations transform marketing teams, we’ve witnessed cycles that need a rethink and smarter approach. I am getting at the irony in modern marketing - that we’ve invested in tech, tools, platforms, media, and consumer touchpoints but always overlook that our people must make sense of it all. It comes down to them, their understanding, and their skills to make it work.
So, when cuts come, it becomes more challenging to operate, let alone evolve and excel.
Six Reasons to Prioritize Training, Learning, and Development in Tough Times
To underscore the importance of continuity in learning, especially in marketing, here are six essential reasons to continue to invest during economic downturns in our marketing teams:
1. Enhanced productivity and efficiency: Training means new skills, enhanced expertise, and acumen to perform effectively and efficiently. For example, agile marketing training ushers in new ways of working where teams focus on outcomes, productivity improvements, and efficiencies to make the most of our people and their skill sets with continuous improvement as a team goal practiced with discipline and regularity. Said another way, we learn to collaborate better and get more value with what we already have.
2. Increased employee engagement and retention: Development opportunities demonstrate a commitment to growth and professional advancement and foster a sense of engagement and loyalty, leading to higher employee satisfaction and increased retention rates. It’s particularly valuable during tough times when recruiting and onboarding new employees may be more challenging. With recent waves of great resignation and quiet quitting, agile marketing teams demonstrate increased engagement and resilience, and we see folks stick around longer because of the dynamics that take hold.
3. Adaptability to changing market demands: Economic downturns often change market dynamics, customer preferences, and industry trends. Investing in training and development means adapting to these changes faster and with greater flexibility. Staying agile and responsive to shifting market demands is a competitive edge, especially during harsh economic conditions.
4. Cost-effective upskilling and reskilling: During economic downturns, organizations may need to restructure, downsize, or redeploy employees to different roles. New hires are not an option, so continuous training and development enable upskilling or reskill to meet changing business needs. Marketing is constantly evolving (i.e., ChatGPT, Metaverses, Social Platforms, Data, Privacy, etc). Even in booming economic times, hiring new employees is expensive and not a silver bullet for improvement. So it makes sense to ensure everyone is current and can contribute fully.
5. Long-term strategic advantage: During tough economic times, it is a strategic and wise direction to position your organization for long-term success. Skilled and adaptable workforces are the future of any company. Ensuring the right capabilities to thrive when economic conditions improve is a forward-thinking approach and competitive advantage over organizations that neglect development during challenging times.
6. Bang for Your Training Buck: There are a lot of choices and avenues in marketing training. The question to ask (and the choice to make) when budgets are at issue is how training will involve or impact the overall team versus select individuals. In other words, how applicable is it for everyone? The continued interest and growth in agile marketing training are because it is inclusive and upskills on ways of working as a team. Everyone on a marketing team or in a department, no matter their role, level, or area of specialty, can be involved. The goal of agile marketing training is that it involves the whole team, and it becomes a rising tide that floats all boats!
Let’s aim to make investing in training and development an always-on commitment. By prioritizing employee growth, it builds a resilient and agile workforce that will weather economic uncertainties and contribute to your organization’s success regardless of the prevailing environment.
So, when cuts are on the table, rethink the short-term status quo type reaction and lean into the long-term and the investments to make now to take you where you want to go.
If you are interested in training and workshops that can elevate skills for individuals and teams, here are a few choices to consider that provide certifications:
University of Toronto, Digital Marketing Strategy & Management
Jelly Academy - Digital Marketing & PR
NavigateAgile - Agile Marketing Training & Workshops
Check out all your options and remember, never stop your journey of learning and growing!
Written by Michael Seaton.
Partner at NavigateAgile, Michael Seaton leads agile marketing transformations, building cultures of collaboration from new ways of thinking, working, and sharing for modern marketing with agility applied to the domain of marketing.
