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Prices are Up. Supply is Down. And where are the New Hires?

It’s vacation season and we hope business leaders are getting some much-deserved rest after a bruising year.

Yet, we’re not out of the woods. We have inflation, tight supply chains and often more jobs than people to work them. At least the Bucks secured their first NBA title in 50 years.

Soon, we’ll enter a busy fall. Owners and operators of small-to-medium-sized companies will be asking how to go to market in the midst of the most dynamic economy in a generation. Here are a few marketing thoughts to keep in mind:

First, don’t rush to any lone tactic. It’s a new and more virtual world. As a result, there are a wealth of people and tools offering the “perfect” solution for leads or people or more. My advice: pause and ask whether the activity suits your audience, situation and budget. And know that most companies benefit from a full quiver of activities.

Speaking of budget, carefully consider priorities. Many organizations have pulled back while others are in expansion mode. Either way, the key is to spend in the right areas. Across the board increases or cuts rarely work. Something more surgical that focuses on high-priority targets, media and distribution channels is usually best. A thoughtful planning process can go a long way to stretch dollars.

When times are uncertain, dedicate time and energy to customers, both from your sales force and marketing efforts. As always, sales bring the product to the customer while marketing brings the customer to the product. The hard part is ensuring that efforts reinforce one another.

Here, I focused my remarks on higher-level, strategic issues. Next time I’ll focus some tactical considerations. For now, here’s a link to a white paper we penned last year that remains relevant.