With budgets once again being cut, marketing leaders are under more pressure to innovate, stand out from the crowd, and deliver results. More for less.
We’re likely at the start of a new global financial crisis. Costs of doing business are going up. Consumers are buying less. Businesses are facing yet another big threat to their survival – just a few years after the start of the Covid-19 pandemic.
The automatic reaction most businesses take in such times is to slash marketing budgets.
That would be unwise.
We saw the same at the start of Covid, with many companies falling silent – but some of the braver ones stood their ground and switched tack. There is widespread agreement and data available on the strategic advantages of investing more in marketing during times of trouble and financial hardship – to stand out from the crowd and emerge more strongly from the crisis.
Amid all the doom and gloom of the past four years, there’s the odd bright spot. Many marketers say they have seen innovations in customer communications and they’re looking to implement these right now.
Marketers agree that it is important not to ‘go dark’ during a period of uncertainty (and nothing shines a light on brands like innovative customer communications and exciting, persuasive creative).
But what if they’re being told the cash isn’t there? How can marketers be bold and brave, and support their brands with innovative and exciting customer communications? How can new ideas that could be game changers be tested?
The answer comes from the weekly supermarket shop. Save money on the everyday ’bread and butter’ items or shop clever for better deals, and you can perhaps then splash out on some tasty treats.
In short, you need to save to spend… and find a partner to help you: