the tight correlation between advertising spend and economic indicators like GDP growth by looking at historical data. But more importantly, marketers know from experience that when the economy turns, their budget is an easy target.
We should also remember that tough circumstances can breed innovation. During the pandemic, we saw numerous productive marketing advances, many of which were long overdue — from more agile budget allocation to accelerated digital transformation connecting marketing and e-commerce. Above all, be clear about how the marketing function drives to broader financial outcomes desired by leadership – and speak their language, where possible. Partnership, transparency, and communication with your CEO, CFO, and likely even the board as well, are a potential antidote to cutting critical spend in this challenging moment.Inertia is powerful. Every organization has legacy spend patterns or processes that aren’t effective or efficient. A downturn is an opportunity for discipline.
Above all, in a world of speed and agility, companies and their partners cannot all be working off of different metrics. Determine which metrics matter most and be sure everyone is operating off that set of data – internally and externally, across functional silos , and across the different levels of the organization.As some competitors dial back their spend during the turndown, advertisers who stay the course are likely to realize big benefits.
Lol or just admit a shave in a downturn is 👌
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