27/07/2020
How do you decrease your marketing budget and still get good results from your advertising? The article below from Nielsen Global Media will give you a few tips.
Continuous and Deliberate Marketing Yield the Best Results
COVID-19 has left many companies cash-strapped, with budgets that have been or will be cut back. To be successful, a frugal marketer must optimize marketing spend continuously through the budget crunch.
BE DELIBERATE & MAKE GOOD CHOICES: INSTEAD OF UNDER-SUPPORTING MANY TACTICS, ADEQUATELY SUPPORT A FEW TACTICS
Larger budget constraints necessitate larger tactic cuts: If your budget decreases 50%, then decrease the number of supported tactics by 40%. If your budget cut is 20%, only cut 10% of your tactics.
Get to the point: Shorter formats generally have 18% lower effectiveness than longer formats, but command a 37% higher ROI.
BE STEADY: CONTINUITY MARKETING (EVEN AT LOW LEVELS) LEADS TO ACCRUING EFFECTIVENESS AND HIGHER ROI
Half of marketing’s impact happens within the first two weeks: The global average for half-life of marketing is 1.6 weeks.
Wear in and wear out: It takes up to 8 weeks for a message to wear-in but less than 3 weeks for a message to wear-out.
WIN THE RACE: WHEN ON A LIMITED BUDGET, FOCUSING ON SMART BETS AND DOING SO CONTINUOUSLY HELPS BRANDS WEATHER THE STORM
In it to win it: Marketing well while on a budget can help to protect up to 9.1% of total brand sales annually.
The gift that keeps on giving: The long-term impact of marketing is 88% higher than the short-term impact.
While budget cuts are a reality that most of us are facing, decreasing ad spend to secure short-term profits is usually quite detrimental to long-term gains. So continue to invest in marketing to enable both short and long term success.
