Reasons companies should slash marketing budgets in 2009
1. Spend smarter. If you believe the 80/20 rule then a lot (not all) of companies are wasting marketing budget by not targeting the 20% of the prospect base that hold true potential. Hand on heart how many marketers can say we know who our real high value segments are and who they are likely to be over the coming 12 months? Many could spend less money but through smarter targeting generate more response.
2. Bring out the creativity. It is when people are in situations outside of their comfort zone that they often flourish (or perish). Smaller budgets demand greater creativity. Marketing a new service on a million pound budget allows lavish communication plans and multiple activities on a grand scale, but would this really generate more interest and exposure than an ingenious viral campaign that really gets people talking about you? Start thinking outside the box rather than relying on ‘it worked in 2007 and kind of worked in 2008 so we might as well do it in 2009 as well’ planning.
3. More than one way to skin a cat. There are ways to reduce spend and maintain effectiveness - move from TV to radio, from print to online. Find a way to reach the same audience in a new, cheaper way. Buy the same but spend less by bulk ordering or offering longer commitments – as many companies are in the same boat there are many discounts and long term deals to be done.
Read more blog entries here
The paradox of insular language
7 months ago
