Against the backdrop of a turbulent economy, falling retail profits, high street decline and the rise in so-called ‘stay-cations’, it comes as little surprise that the latest IPA/BDO Bellwether report shows marketing budgets were down for the third consecutive quarter. After all, marketers are all too aware that in an unstable, cautious climate, their budgets are the first to be cut.
So, how can marketers adapt to this challenge? Those ahead of the game are starting to get smarter in how they spend their budgets. The need to stretch spend further has driven marketers to look at more creative ways for their campaigns to stand out, using all the tools available.
The days when clients simply ploughed their budgets into mainstream advertising media are long gone, with a more integrated approach, using digital channels and experiential marketing, gaining ground. An additional benefit of digital marketing is that it is also more cost-effective than, say, buying advertising space on a poster site, plus requires fewer people to power it, enabling marketers to focus their efforts across a broader range of activity.
Furthermore, social media and digital marketing have become essential elements in any programme. Social media combined with advertising enables marketers to reach a larger audience with their campaigns and allows them to interact directly with their customers – something that consumers have come to expect. However, what is key is that all communications are tailored to suit the medium, whether it is a traditional, social media or a mobile platform.
To build momentum for their brand, marketers must adapt their creative efforts across a mix of channels and make sure that their messages are consistent; only then will they will see impressive results.
As agencies, we’re used to having to make marketing budgets work harder to produce high quality communications that translate well across a range of channels. But this pressure is something we marketers relish; it helps us to flex and train our strategic and creative muscles, and ultimately deliver a performance worthy of gold.
Mike Spicer is chief executive of Pulse Group
