Marketing in a Down Economy - How to Do More With Less
Welcome to The Loop! In this month's edition, we explore ways marketers can do more with less in the face of financial pressure and economic uncertainty. From managing inflation to strategic use of data, you'll learn practical tips to stretch your advertising dollars to their fullest potential.?
The Impact of Inflation on Advertising | Whitepaper
Businesses are facing a familiar problem: economic uncertainty.? This time, the coalescing effects of the COVID-19 pandemic, record-low unemployment rate, and a newsworthy-high inflation rate have created a unique challenge for businesses and their marketing teams.
In this whitepaper, Coegi researchers provide an overview of the recent North American economy as of Q1 2023. With special attention to the areas of consumer goods and retail, finance, healthcare, and housing, we outline current marketing challenges and opportunities.
There is no one-size fits all approach to marketing during times of economic volatility. However, using a data-driven approach to understanding outcomes of previous economic strife, we provide evidence-supported recommendations.
In short: fully pausing your marketing communications rarely yields future dividends.
Download the whitepaper for a full overview on how to future-proof your brand in an unpredictable economy.
4 Ways CMOs Can Accomplish More With Less?
CMOs are being asked to accomplish more with less. These are challenging odds to overcome. In Q1 2022, 50% of the C-suite wanted to use marketing to grow revenue. At the same time, 41% indicated reducing costs and finding greater efficiency as a priority.
But not all hope is lost.
Here are four key steps CMOs can take to do more with less:
1. Ensure your relationships are functioning properly
Marketing is a relationships game. Find ways to build relationships between the brand, customers, internal teams and external partners. Then, ensure all these relationships are rallying behind a unified brand vision.
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2. Provide measures for greater accountability
Lack of accountability is a guaranteed way to incur waste. Marketing initiatives must clearly level up to overarching business goals. Create efficiency and effectiveness KPIs for every tactic. Then, create a reporting system and ensure marketing goals are universally understood across the organization.?
3. Test and learn to make nimble decisions
Make the most of what you have with a test-and-learn approach, evaluating what works and pivoting intelligently as you gain new insights. Create a sandbox in which you can fearlessly try new things, rather than simply treading water.
Watch this video to hear why a flexible agency partner is critical to enable a test and learn approach:?
4. Optimize the consumer experience relentlessly
When you don’t have the budget to build something new, optimize your CX. Analyze the path to conversion: is there a clear point of drop-off? If so, determine if it’s load time, price point, ease of purchase, etc. Continually find ways to reduce any friction impeding final conversion.
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