In times of economic uncertainty, such as those which we are currently experiencing, it is vital for businesses to understand the role and function of marketing. While it is perhaps a natural reaction to tighten the marketing purse strings when times are tough, this approach will only serve to take you out of the game and perhaps take your brand/business/product/service out of the equation for any potential customers in the market. In a tight economic climate where budgets are restricted, what is needed is a greater level of accountability for the marketing dollars being spent…and if figures published by Interactive Advertising Bureau (IAB) Australia are anything to go by, online marketing may be the key.
Explore our historical blog articles for nuggets of wisdom (and random musings) from our crew.
Some television advertisements can be watched over and over again. For other adverts, only once or twice is enough. For the majority, however, the magic number lies somewhere in between. So how much is too much? How many times should your advert be seen for it to remain effective and entertaining?
So everyone is banding around the ‘R’ word at the moment and with good reason mind you but what are the real effects. Economist’s predictions, bank rates and government policy is all you really hear about. The curbing on consumer expenditure and how ‘Ma and Pa Kettle’ can no longer afford their home. But what about business? What impact does the current economic state really have on your organisation? And why is it, that marketing is always the first budget cut when times get tough?
Many businesses have little appreciation or understanding of PR and often leave it in the too-hard basket. It involves a lot of planning, the ominous task of making contact regularly and often in person, and can frequently result in disappointment. But when executed correctly and with the advice of a professional, it can be one of the most cost effective and successful marketing tools out there.
Magazines seem to be the latest casualty in the traditional media take-over, with recent Roy Morgan data showing a marked decline in readership, especially for big-name gossip publications. With ‘The Bulletin’ shutting down earlier this year due to online pressures, and ‘New Woman’ closing its doors, the future does look bleak for published media. Or perhaps not?
I’m not a very good cook to be honest. In fact, it’s fair to say that I am well below average. I struggle even to make a packet cake let alone something more complex that would require any type of preparation! Unfortunately, this is also the approach that many people take to their campaigns. Armed with a little bit of knowledge and desire to ‘just be out there’, they book some media…and that’s where the disaster starts.
Marketing, like any industry, goes through trends and phases. Over the past few years the ‘in-thing’ has been Search Engine Optimisation (SEO). Independent dedicated SEO companies have popped up everywhere, and the majority of businesses have now finally caught onto the trend. For a while there, it seemed to be the magical remedy for failing websites. Cheap, easy, effective. But now – after the majority of business has caught on and people are starting to abuse it – is it still working?