As I have watched this crisis unfold, I have been keeping a keen eye on the messaging that has been being pushed out though ads, social posts, and marketing emails (occupational hazard). Watching to see what brands have been quick to respond and which have not.
How to evaluate your marketing plan during a downturn.The difference between Price and Value is something all marketers need to know and use during our daily lives. With the current situation, its importance will only increase. As marketing professionals we are going to be doing daily battle with attacks on our budgets during these uncertain times. Now more than ever, we need to prove the value of what we do. Our co-executives may look at marketing tactics and only see price. We must show them the value.
You may have already had the “Cut Back” not “Cut Off” conversation regarding marketing. Assuming it went well and your company has not decided to go completely dark during this unprecedented downturn, you may be considering “What next?” How do I best determine what to cut back on, what to completely stop, and where to pivot budget into? Let Value be your guide.
Finding the Good During an Economic Slowdown
We have all seen it before. The first thing to be cut in a down economy is marketing. It's the easiest thing to do and generally doesn’t require l
aying off employees or reducing production. It hearkens back to the days of when marketing couldn't show return on investment (ROI). And even now in the days of data overload, it still tends to be the fallback position. However, research shows that companies that continue to spend on marketing and even increase their spends, fare better during recessions than those that do not.
It is an understatement to say that these are highly unusual and trying times. Everyone is holding their collective breath to see what happens next. We are also consuming content at an incredible pace. We want to know how to protect ourselves, what we can and can’t do as part of growing quarantines, what the economy is going to do, and what stores have restocked their shelves with toilet paper.
In the world of digital advertising, one of the most common filters to add to a campaign is geographic targeting. A lot has changed and more options are available when it comes to geotargeting. We thought it might be a good time to stop and share our thoughts on these strategies which can improve your digital marketing campaign.
All Customer Relationship Management Systems (CRMs) are not created equal. You need to seek out one that is the right fit for your organization. In Joe Sharp's blog post last week, "Marketing your Business with CRM Software" we shared reasons that Thread chose HubSpot as our CRM. But every organization needs to find a CRM that provides you with the tools you desire but is not overwhelming to learn and use. The highest-rated CRM system is of no use if no one wants to use it.
Okay, I will save my, “Your brand is bigger than your logo,” speech for another time. Today I want to focus on reasons why you should change or consider changing the most important, outward facing components of your brand: