Progress and innovation can be two-sided. They improve our lives as consumers, for the most part. In business, they challenge us to keep pace. With emerging media and constant technology upgrades, customers expect companies and brands to be accessible, always.
This demands more from marketing — more data, more content, more channels, all faster and sounder. Most importantly, more efficient. But can this be done with temporary, scheduled go-gets? Sometimes, and for a while.
But spurts of seeking and eliminating inefficiencies and waste are not best practice, and won’t keep a company healthy.
What happens most often is that businesses wait until they must increase efficiency. Efficiency efforts are usually temporary, and mandated — thought of as a sacrifice rather than part of the culture. An automatic and constant approach to doing things the most efficient way possible allows companies to dictate new directions instead of reacting to circumstances.
Business leaders need to make efficiency such a priority that it actually loses its place as a tactic in strategic plans.
That takes preparation and dedication. With foresight and insights, you won’t have to sacrifice speed, profit or quality.
Make it the only way to work
The best approach is to become more efficient before you have to slash staff, programs and perks. With a reactive mindset, some companies look for cheaper vendors, or bring programs in-house. Others need employees to work harder or longer. There’s no shortage of ways to save in the short-term.
But you’ll always face the same challenges again down the line with quick fixes. Commit to efficiency completely and push it to the extreme — make it the way to conduct business. The drive for efficiency doesn’t signal trouble or failure if you take it as far as possible.
Efficiency should be fundamental, cultural, automatic. When it’s the prism that colors every challenge, then it’s liberating. It’s not a temporary initiative or finite mission. Get the most out of assets and resources at all times, long before efficiency is a mandate.
Plan ahead so you don’t get left behind
Historical data says that the U.S. is overdue for a recession. Nearly half of the CFOs surveyed in February 2019 expect an economic downturn by the end of the year, and 80% of B2C marketers are less optimistic about the economy than they were in 2018.
Fiscal uncertainty is nothing new, but there’s a reason some organizations weather it better than others. Bain & Company studied the businesses that suffered most through the Great Recession of 2008 and found a common trait — they weren’t prepared. “Few made contingency plans or thought through alternative scenarios,” the analysis said of those that lost ground. “When the downturn hit, they switched to survival mode, making deep cuts and reacting defensively.”
A potential recession can’t be the primary catalyst for change, though. Every industry, every workplace, every board of directors — every company has unique circumstances that warrant inherent efficient practices and efforts.
Leaders must be proactive rather than reactive. Embed efficiency into your corporate M.O. before it becomes critical, while you’re free to choose the best steps for your business, on your terms.
Productivity or efficiency, you don’t have to choose
Some say productivity is more important than efficiency, because they incorrectly believe efficiency means doing the same with less, not more with less.
This is not an either-or situation. If your business isn’t efficient, it cannot be productive. The two work together — efficiency facilitates productivity, and productivity suffers without it. Efficiency removes impediments, overhead and redundancies so everyone achieves as much as possible without burning through time and budget.
Today’s efficient LED bulbs last 15 to 25 times longer than the formerly standard incandescent bulbs, using only 20 to 25% of the energy. That saves the U.S. billions of dollars each year, and spares the environment billions of tons of carbon emissions. Now, bulbs are measured in lumens instead of watts — how much light they emit instead of the energy they use. That’s productivity born of efficiency.
Leave no operational stone unturned
If efficiency is an ingrained, organic commitment to continuous improvement, then companies can save time, money and resources in every aspect of marketing their business. Good habits become best practices and create opportunities to improve. Make it cultural to watch out for waste — there’s no shortage of places to look.
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Process
No matter how great a product or brand, establish processes so you always get to market as fast as possible. For companies that built their businesses before digital was routine, the explosion of marketing channels — along with natural growth and change — means rethinking workflow. - Technology
Automation makes repetitive, complex tasks easier so teams can focus on giving consumers a clear path to purchase. Apps and software tools that facilitate efficient collaboration, production and creativity should be vetted against a strategy — not implemented because they’re the newest and most talked about. - Asset Management
Centralized, web-based solutions let you easily store, source, share and distribute content across channels. Consistent assets in a variety of formats mean less rework and fewer mistakes. Standardized file names and tags make search simple for quick access in a collaborative space for marketers in widespread locations. - Core competencies
Every brand has a mission, the reason it exists. Yet many spend too much time doing things that take resources away from that primary objective. At times, in-house production becomes a fixed cost that isn’t ideal for the ebbs and flows of demand. Free up budget with third parties that work and bill based on your needs. - Deployment
Online and off, make cost-effective connections with consumers across all marketing touchpoints. Speed is critical to relevance, and higher volume lowers rates no matter the channel. Each outlet has its own opportunities to speak to more customers at less cost, and with greater response.
Make it a competitive advantage
The shift to an enterprise-wide attitude that prioritizes efficiency takes commitment.
Your competition feels the same pressures. The companies that transform to be more culturally efficient will always be stronger, healthier and in control.
With every C-suite challenged to do more with less, the right partnerships make a difference. Learn about how to take efficiency to the extreme at QUAD.com.