YouthBuzz™ Blog

America's Marketers Tighten Their Belts

The economy is bad. No need to belabor the topic. You get it. They get it. We all get it. Now that that’s been said, let’s move on and talk about what that means to people like us. The people in charge of marketing a brand, product, gadget, widget, whatever. The people that have to ensure that our work is actually doing something – increasing brand recognition, moving product, changing minds.  It seems pretty clear that results are more important now than ever.

So, what do today’s headlines that include words and phrases like “panic,” “sharp falls,” “recession,” “consumer pessimism,” and “credit crunch” mean to marketers really? Well, according to a recent poll by MarketingSherpa, it means that 60% of all large companies polled will cut their budgets this year. And it looks like television and radio are getting hit the hardest, which is probably not all that surprising given trends over the past few years.

But what do you do with your newly limited budget? Especially when your sales projections don’t give a hoot about the spiraling economy. Rethink your strategy, of course. And then make sure that every dollar you spend counts.

•    Get reacquainted with your customers – secure some one-on-one time with them. Where are they working and playing? Be there. Make an impression.
•    Keep your customers happy – keep them engaged. Make them remember why they loved you in the first place.
•    Don’t go into hiding – remember that with every brand that drops out of sight, your share of voice goes up. A brand could go from small fish/big pond to medium fish, and so on, pretty quickly. It’s just like the old buy-low/sell-high thing…

It’s the perfect time to increase your one-to-one consumer engagement. And one of the most effective ways to accomplish this – especially when you’re targeting high school and/or college students is experiential marketing. It’s the easiest, not to mention the most cost-effective, way to create a meaningful interaction with your brand. That could mean anything from increasing your presence on campus via product sampling to creating an event where students can compete with each other, or even creating an entertainment venue where they will associate your brand with the fun time they have with their friends.

Wouldn’t it be great if all this economic downturn talk went away tomorrow? And our wallets and Excel sheets magically repopulated themselves to 1999 standards… Ah, to dream big. Well, since that’s unlikely, here’s to more strategic spending across the board. It’s not only smarter — it’s now a necessity.