Reputable economic commentators are predicting an uncertain economic market in the US for the coming year. Whether this results in volatility, slow down or a recession, it will impact professional services marketing and BD team leaders.
Firms will either see the uncertain market as a time to double down on marketing efforts, and look to their marketing and BD teams to be providing client-advancing and value-adding strategic support and guidance to get ahead. Or, they will scrutinize their marketing and BD teams, seeing the uncertain market as a time to react and cut cost-related positions (despite their remit to increase business).
In either case, the marketing and BD team is susceptible as the pressure mounts ("stepping up or stepping out"). Managing, retaining, sustaining, growing and then elevating your team has never been of greater importance.
A small time investment up front will ensure you have done all that you can, regardless of where the economy goes in 2020. Take the time now to put into place these six best practices to help recession-proof your team:
Good marketing and BD team leaders will have one, maybe two, of these best practices in place. In this market, in this economy, and in this moment in time, consider increasing that count to all six points above to safeguard your biggest investment: your people.
Kate Harry Shipham is the Principal of KHS People LLC, an executive search firm for BD and marketing people in professional services firms. Kate has done search and recruiting for nine years and prior to that was an attorney.