How Training Helps You Stay Agile in Times of Change
It’s mid-April 2020, and like it or not, your marketing priorities have probably changed.
Those changes may come in different forms. Some 81 percent of multinational corporations have deferred ad campaigns for now (resulting in a potential loss of $57 billion in media buys). TV ad spend is projected to decrease by $10 billion, largely thanks to the hiatus of live sports.
According to a recent study, 65 percent of marketers reported lower revenues in March, and 73 percent have seen a decrease in domestic demand for products and services. Overall, there are many industries with dips in sales, including a significant drop in clothing, furniture, vehicles, and gas stations.
But, of course, it’s all industry dependent, as many studies are showing. In some industries, businesses have new and burgeoning opportunities.
Ecommerce ad spend actually doubled in March. Sales for food and beverage stores have increased by 25 percent, and health and personal care stores have seen an uptick in sales, among others. And 19 percent of multinationals have said there are no planned delays in marketing execution.
Regardless of the direction, it’s clear that the winds of marketing are shifting. Businesses built for agility will likely see the light at the end of the tunnel either way.
Why agility works in times of change
Agility comes in many shapes, but typically it involves deploying operational practices that allow for quick-thinking decision making and have a significant business impact with little to no lift.
Investing in practices that can make your business quick on its feet is not just a good idea, it could be a game changer. Research shows that when budgets are tight, investing in efficient business practices help companies set themselves up for higher gains after economic restraints ease up.
There is a sure-fire solution to help you pivot with ease when times are tight and things are shifting: skill up.
How training helps you stay agile
Having the appropriate skills is a key indicator of high performing teams, and being able to give them agile upskilling opportunities can have a direct impact on your bottom line.
Businesses need to make sure their teams have the skills they need — so they can move in any direction they need to. Online, agile training can help with that. With the option to customize their courses and learning paths, you don’t have to hire or invest significant sums into changing direction.
Affordable, customized marketing training — as opposed to traditional clunky training — is a passage to quick upskilling. This process starts with assessing both your business needs and the skills gaps within your team. Then, a customizable learning path on a platform built for your industry will help light the way to a team with skills that fill in the gaps.
This method of injecting knowledge where you need it is helpful for quick agility in marketing, whether it’s a longstanding need or a new, on-the-spot need.