Keating Magee
Trends and Suggestions
As budgets get cut, the return on investment of marketing spends will be examined closely. Many marketers will shift their budgets to more “accountable” media, such as direct response and interactive. Multiple surveys and forecasts have shown that marketers plan to increase online spending at the expense of traditional media, especially print and
television. 16 An email survey of 175 small and medium-sized enterprises reveals that website updates, SEO and direct mail are considered the best ways of reaching target markets when budgets are tight. 17 Public Relations also presents a cost-efficient way to maintain a brand’s presence in the marketplace.
Researching the consumer will show how they are redefining value and responding to the recession in specific industries and allow marketers to sharpen their strategic focus to lead to the most growth. To retain current consumers, marketers should focus on relationship marketing and database management to determine current needs. 18 Research will also allow marketers to identify new, profitable consumers and prioritize the most effective marketing and sales vehicles for reaching them. 19
Regardless of media channel choices, marketers should focus on tactics that can be measured against tangible goals. Marketers that maintain or increase their advertising spend with enhanced knowledge of their consumer and a focus on accountable media will retain their share of voice and weather this current recession much better than timid marketers.
16 “Advertising Progression Through a Recession.” Carat Insight. 7.29.08.
17 “Effective marketing crucial to ride out downturn.” Leisure Report: 12, May 2008.
18 “Investing in a Bad Economy.” Chuck McKay. Fishingforcustomersblogspot.com. 10.29.05
19 “The Downturn’s new rules for marketers.” David Court. The McKinsey Quarterly. December 2008.
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