I could have called this post Marketing Tips for 2009 because, as you will see, they are very valuable. I have had a lot of input from people who answered my question on LinkedIn. Thanks to all of you.
The main point to keep in mind is the current difficult position of the financial market. Globally, companies and people are scared of going out of business or at least losing a lot of money. And one of the first market segments to feel the effect of that is marketing and advertising. Budgets will be cut and agencies will be challenged to provide better campaigns for lower prices. The following points will be important in the next couple of months.
1. No innovation
If the last few years were characterized by change in the marketing and advertising industry, this will come to a dramatic halt in 2009. As there is no money to experiment, campaigns will be streamlined and costs minimized. More result with fewer budget. The rise in social networks will continue as the costs of implementing marketing strategies here, is relatively low.
2. Sticking to your guns
In stead of innovating, known processes that work will be perfected in any way they can be. “If a campaign worked last year, if we adapt it, it might work again this year.” Low cost and high impact, so to speak.
3. Maximizing your ROI
The message of campaigns will be more and more centered around the value of a product. I don’t mean monetary value only, the benifit for the potential buyer also. This means ROI for the buyer: gettin gthe most out of your money. But this also has implications on the agency or the company. When devising a campaign, they will try to spend as little as possible and gain as much as possible. My advise to all: try to emphasize the importance for the future user of your product and the gain he or she will have when purchasing it.
4. Optimal usage of resources
“If we can make an slightly worse scoring campaign with a lot less money, why don’t we?”
These are quotes I expect to see next year. Cutting cost as much as possible.
5. Digital marketing will rise
As the cost of a digital versus an analog marketing campaign is a lot less, we will see a rise in expenditure here. The best ways to get your buck’s worth will be social network campaigns, user generated content, ecommerce and the ever popular email marketing. I’m not telling everyone to start spamming your potential customers. Just put a lot of thought in your campaigns. Don’t overcommunicate.
These are some ideas that came from the LinkedIn users.
This wouldn’t be a blog if I didn’t put in my own two cents. This is what I think will happen.
1. Advertising fatigue
Your potential buyers will get sick of traditional advertising campaigns. We are in an age where your message is one click away from closing. The only suggestion I have here is: when you start thinking up a campaign, make it a good one. In stead of overloading your target audience with mediocre messages just send one… but make it a damn good one.
If you don’t have a lot of money, find a partner that is willing to share. Combine your efforts and reak the benefit for both companies. If you both have a strong brand image, you will gain the amount buyers you would normally do and create brand awareness with the people that already have a link to your partner. If you’re lucky, you might even get some customers out of your new affiliate.
3. people centered
I know I have said it before but I’ll keep saying it: personalize your message! Make the individual target person feel special. Talk to him in his own voice. Explain why your message is the one message he has to listen to. And most of all: make him see why his world will be better once he bought your product.
To sum up: no money, back to basics, partner up and reach out rather with conversation rather than information alone.
As always: don’t hesitate to comment!