Most businesses have probably felt the pinch of the recession this year, and chances are that if you're a marketer this would have translated into a hacked marketing budget. Obviously this isn't ideal, but what it's done is separated the men from the boys and forced marketers to spend more wisely, measure more accurately and operate more efficiently. And during the course of it all there have been some interesting lessons for marketers to learn; of these, five stand out.
Lesson 1: have your marketing metrics on hand so that you can easily justify your budget
It is important to understand which campaigns are delivering returns, and which aren't. Make sure you know how they work in combination with each other, and make sure you are not double counting and attributing the same results to two different marketing campaigns. And of course, you need to keep an eye on the long-term goals.
Lesson 2: look for hard working media - digital has really proved its worth this year
Recognise the media that work for your brand and realize that digital media can work hard for you if you are prepared to invest resources into it. The reason it is hard working, is not simply because it's digital, but because using digital means you can layer a lot of data over your decisions. And we all know that if you have good data, and use it well, you make better decisions. This is what translates into hard working media. But don't just expect it to perform simply because it is digital. You have to be prepared to the effort into it.
Lesson 3: ensure you have transparent relationships with your suppliers and own your own data
This is important because you don't want to leave it to your suppliers to own something that is so critical to your marketing mix. You need to be able to own your own data, and take it with you if you choose to move partners. And you also need to ensure that you are also empowered to analyze and act on it. Nothing is more critical than your data.
Lesson 4: measure and report on a granular level, every pound counts and every pound needs to make more pounds
Measuring and reporting granularly is important, but make sure that you don't get analysis paralysis: there is a cost benefit to going granular, and as long as the benefits out-weigh the costs, keep going. But be wary of going so granular it makes no sense, adds no value, and simply takes time and effort you could spend more productively elsewhere.
Lesson 5: marketing is ultimately about driving sales - the long lunches, shoots, creative awards and freebies are great, but show your company the money
In the "old days", it was about trust gained through relationships, and saying the right things over an extended period. These days, trust is gained through performance and doing the right things over an extended period.
Lunches are still good, but lunches without performance are no longer going to hack it.
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