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Showing posts tagged with: advertising

The incoming cost of living crisis is set to be a bigger threat to businesses than the pandemic.  Rising energy, food prices, petrol and the highest inflation in more than 40 years are affecting all of us in some way.  When it comes to business, the marketing budget is often one of the first to be cut when an economic downturn hits. To those in the industry, this is very frustrating.  Marketing is often seen as a discretionary expense, difficult to track and justify especially when a particularly good marketing strategy and expenditure is likely to be quite high.

This way of thinking is outdated and ultimately flawed. If businesses can keep marketing sustained during a recession, there are opportunities for brand growth during and after the economic downturn.  This is good news for marketers.

 

Cost of Living Increases Force Businesses To Lower Budgets

The biggest challenge for all marketing businesses over the next few months will be brands cutting their marketing spend. There are many factors at play here, including a government campaign earlier in the year to ask brands to cut their marketing expenditure. It is well known that consumers believe cutting marketing costs is the best thing to do when face with a crisis. The government directive played up to this. What is for sure is that consumers believe that cutting marketing expenditure to drive prices down is exactly what brands should be doing. Obviously, this could have a huge impact on marketers. 

Customer Confidence Crisis

As we head further into the cost-of-living crisis, customers perceptions of their own financial situations are worsening. The lower the level of consumer confidence, the less likely people are to spend money on non-essential items.  This leads to a dip in economic activity and when people begin to be more careful in spending, the resulting drop in sales creates a drop in advertising ROI compared to before. This is why bosses look at marketing and advertising as the first place to cut back spend. Marketers should both be investing carefully in their own brands, and advising their clients to do the same.

What Can Businesses Do? 

Businesses should be looking at reviewing all their spending during a recession. But when it comes to advertising and marketing, drastic cuts aren't the answer. You should look at filling gaps in the ad market rather than dropping out of it. When other businesses cut spend entirely, the whole market becomes less competitive leaving you ad platform space to fill!

  •  Reallocating your spend in this way means you can increase the return on investment by using platforms likely to give you better results
  • If you aren't targeting your recession marketing, you are wasting money
  • Optimising PPC and paid campaigns are an excellent way to get measurable results
  • Paid search campaigns help you target customers who've already started the buying journey (more likely to buy!)
  • By using programmatic advertising, you can make this easier

Recession Can Be Managed With Good Marketing

Historically, businesses that continued to invest in their advertising saw more growth than those who didn't. Keeping up regular communication shows genuine interest and care for your clients. It also strengthens client connection. With digital marketing, there is also an expectation that a brand should share its purpose clearly, and include strong social responsibility communications to clients and employees.
  • Build new strategies
  • Think outside of the box
  • Invest in ideas that will provide the lifeline your business need
Digital marketing requirements were accelerated by Covid-19 and the digital ad industry is becoming a lifeline in crisis marketing and futureproofing for businesses. Don't fall behind! For the best digital marketing and ad agency creatives for your team, get in touch with Dotgap today.    

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Do you want to stay ahead of the digital marketing curve? Do you want to further your career? If so, it could be beneficial to check out a digital marketing podcast in your free time. Digital marketing podcasts are useful, fun and free, and listening to just one a week could help you to advance your career. However there are lots of digital marketing podcasts out there, so it can be difficult to decide which one to listen to. Thankfully we are here to help; here are 5 interesting digital marketing podcasts that could further your career.  

1. 5 Interesting Digital Marketing Podcasts That Could Further Your Career: Marketing School with Neil Paten & Eric Siu

Neil Paten is well-known in the marketing world for co-founding global companies such as CrazyEgg and QuickSprout, as well as his successful marketing website NeilPatel.com. His podcast features co-host Eric Siu, who is also a marketing expert, and every podcast has useful, relevant marketing advice for 2021. The podcasts are also fairly short, so you can easily listen them during a work-out or a commute.  

2. Social Media Examiner Podcast

The Social Media Examiner is a fairly well-known marketing website, and they recently started a podcast with the same name. There are two episodes per week that are around 40 minutes long, and every podcast comes with useful tips and tricks to help with digital and social media marketing. There are also interviews from industry professionals, as well as digital marketing success stories.  

3. Online Marketing Made Easy

Online Marketing Made Easy is a useful podcast hosted by Amy Porterfield that makes marketing simple. Every episode ends with a clear call to action to help you improve your digital marketing campaigns. We think that this podcast is very inspiring, and the call to action at the end will definitely help to motivate you!  

4. The GaryVee Audio Experience

Gary Vaynerchuk (who is probably better known as Gary Vee) is a digital marketing pro, and every episode of his podcast comes with actionable, practical advice. He mostly covers social media marketing, online marketing and entrepreneurship. So if you are a business owner or marketing manager, this podcast could be perfect for you. One of the best things about the GaryVee Audio Experience is the quality of the advice. He is an expert in his field, and it would cost hundreds to hire him for an hour of consultancy – but this podcast you can discover valuable insights for free!  

5. Marketing Over Coffee

Marketing Over Coffee is a fun, casual podcast that doesn’t take itself too seriously. Each episode is only around 20 minutes long, so it is very easy to listen to one while you’re on the go, and hosts John Wall and Christopher Penn are interesting and insightful. The podcast covers SEO marketing, social media marketing, email marketing and copywriting, so it is ideal for bloggers, online marketers and website owners.

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