I was browsing the web reading about online marketing myths the other day and figured i’d round up some findings i thought was interesting.
Myth 1
Our brand is robust enough not to need support for the duration of the downturn.
Fact : Few brands are powerful enough to survive without advertising, product promotion, and customer service support. Brands need attention, support, strengthening, and polishing, ( the selling equivalent of nutrients, light and water ) or they will wither and shrivel to any shadow of their former self. This isn’t a position you want your corporate brand to be in when the growth engine for the economy revs back up.
Myth 2
If we cut back on selling spending, we will be able to use the money for other stuff internally, and increase the budget when things get better.
Fact : Studies have shown that once that budget gets cut, it requires a herculean effort and a powerful internal champion to boost it back to its former levels.
Myth 3
Nobody’s buying anything, advertising and promotions are a waste of money.
Fact : Many studies conducted by celebrated business publications and school think tanks have come to the same conclusion primarily based on the info they gathered on U.S.and in a few cases globalcompanies : Those that cut back their presence in their key service markets are in a far worse position in terms of profitability, share of the market, and market competitive presence when the downturn eases and profitability growth returns.
Myth 4
We can cut back [on marketing] now, and then ramp up quickly when things get better.
Fact : This strategy has proved disastrous time and time again, especially for firms that have inefficiencies inherent in their design or product delivery channel. That inefficiency won’t let them ramp up swiftly.
Myth 5
We should inspect what’s working for us, and cut out everything else.
Fact : This isn’t truly a myth, but a knee-jerk reaction to a short-term slump in sales gross. Good promoting departments should be doing exactly that on a perpetual basis, not just when times are tougher. Why would any marketer worth their pay continue programs that didn’t work.
Myth 6
Marketing spends extra cash than any other office, they have the most room to cut budget.
Fact : While spending might be a measure of power in some corporate structures, at least informally, return is really what counts when it’s budget review time. Selling is one of the few departments that may essentially point to contributions they make without delay to the bottom line.
Myth 7
All of our competitors are pulling back advertising and media expenditures to save money, so we should, too.
Fact : this kind of lemming-like sheep thinking can destroy your company! If the other kids jump off the bridge, are you going to leap, too? Despite being competitors, their financials likely look slightly different from yours, and it’s stupid to think that you can mirror their moves and achieve success.
a dispatch from DemandGen has released the results of New Years study on successful promoting secrets for living through a downturn. The consensus? Insiders suggest the smart money will flow toward more centered outreach and a renewed emphasis on re-engaging contacts already in the database. Good news for every one of us in digital direct – e-mail marketing and mobile marketing particularly.
The seven key strategies, according to Demand Gen :
1. Send topical targeted messages at the right time and do not overload your best customers.
2. Reduce risk – free trials and guarantees might be better than price slashing over the longer term.
3. Emphasize content over promotion, promotion, promotion.
4. Align messaging about product value to business pain.
5. Invest in your databases.
6. Engage earlier in the shopper lifecycle, then nurture those not really ready to purchase.
7. Concentrate efforts to improve data division.
I could not agree more. And not simply because every single strategy recommended drives the budget-wary marketer to further leveraging their websites and web promotional efforts to supply a triple-threat of content, conversation and community that may, ultimately, deliver increased conversions. Exactly the sort of work we do best!