When times are tough! 4. Sometimes you need to dim the lights.
As the saying in DIY or manufacturing goes, ‘measure twice, cut once’ – similar applies in marketing…
Before you start cutting your media spend, make sure you double-check the importance of each channel and how your customer consumes it.
Not all stages of an integrated campaign deliver a measurable outcome.
Yet, if one seemingly unnecessary stage is removed, this could have a dramatic effect on campaign performance.
A little snip in the wrong place could have big consequences for your brand.
Advertising isn’t just about lead generation.
And not all marketing is digital.
Different media is used at different stages within the sales cycle.
The end goal may be to get a digital response: a click-through, an email, but the media journey may start offline with a creative print ad.
Brand/product messages can be consumed, but they don’t always result in a click-through.
Read on to find out what I mean…
An awareness of the actions of your competitors is vital.
If key competitors are cutting back their ad spend, and you maintain the same level, this will make yours more effective – increasing your share-of-voice.
More bang for your buck!
And, if you’re still under pressure from the board, you could propose trimming back by X%.
Remember: As long you’re spending more than your competitors, in the right place of course, you’re going to be in a stronger position.
As far as budgets go…
It’s better to have 60% of something,
rather than 100% of nothing.
Remember: The Media are not insulated from tough market conditions.
There are always deals to be struck as publishers fight each other for your budget.
You may get a series discount if you commit to a number of ad insertions up front.
You might be able to secure free editorial with your ad spend.
Or print ads with digital spend.
And if you fancy throwing a little caution to the wind, bear in mind that during tough times, advertisers can tend to pull their ads last-minute.
This often leaves publishers in a panic with a space to fill…a space you could fill!
Be the first to get offered a last-minute media deal, and save their blank space bacon.
And, you don’t need to be a big fish, just one that can send copy at a moment’s notice!
If you have held back a little budget ‘for a rainy day’ you could be able to secure a lot more bang for your buck – in additional advertising or editorial space.
Need an objective perspective on the effective distribution of your media spend?
Get in touch to discover the Oil The Wheels ‘turn on, turn off’ approach to marketing support.
Click here to read part four: ‘When times are tough, sometimes you need to dim the lights!’
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