Weathering the Storm: How to Stay Cost-Efficient Without Selling Out
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In the current economic climate of cost-cutting and driving efficiencies, marketing budgets are becoming tighter than ever. From Meta to Amazon, there have been endless stories of layoffs flooding our newsfeeds, and it’s not hard to feel the anxiety of the impending recession permeating every single industry. With budgets slashed, companies’ belts have been tightened, and with that often comes leaner marketing budgets and a dollar that needs further stretching, all while still achieving consistent results. Whether you’re a Marketing or Brand Manager, Marketing or Brand Specialist, Influencer or Brand Ambassador—as a custodian of a brand, it’s important not to lose sight of the overall goal of achieving the best quality marketing opportunities, regardless of the circumstances.
Here are UMM’s tips on staying cost-efficient without compromise:
Innovate:
In 2023, as marketers, we live in a hugely exciting era with constant advancements taking place across so many fields. One area of high priority is AI, coming leaps and bounds over the last six months with the initial release of Chat GPT in November 2022. Our biggest advice here is not to be afraid and don’t underestimate—use the tools and challenge yourself and your teams to forge relationships with the AI. Create a culture of innovation, of trial and error, of having a thirst and both an appetite for learning. There are plenty of efficiencies yet to be discovered. Innovation needs to be ingrained, a culture, an attitude and not a task you do once a month. Question how things are done, and always strive to improve your customer experience. You can read our blog, specifically talking about AI in the visual industry here, penned by our Senior Art Director, Insiya Sarkar.
Surprise and Delight:
As consumers (and especially the Gen Z demographic), we expect and demand brands to be authentic, transparent and stand on two feet. As Marketers, we have the power and responsibility to choose how our brands come to life. In 2023, we are spoilt for choice with options to connect to our target audiences, with social media and influencer marketing being extremely effective ways of doing so. Be dynamic and adapt quickly, as in this face paced digital world, it’s easy to get left behind.
Collaborate and Listen:
It may sound obvious or cliche, but two minds are better than one. Collaborate with other specialists, connect with other brands, and co-create. Share audiences to elevate your brand and reach new audiences.
Listening also goes a long way. Listen to your clients, the media, your employees, your comment sections, your friends, and your family. Reflect on the conversations happening around your brand and take action.
Be Proactive + Reactive:
Don’t put all your eggs in one basket. While having a plan in place is crucial, it’s equally important to remain flexible and adaptable in today’s rapidly changing digital landscape. Being able to pivot and adjust your strategy on short notice will help you take advantage of emerging opportunities or respond to unexpected challenges. Whether this is a viral trend, or a breaking piece of news, always seek out the best opportunities for your brand to join in on the conversation.
With all this being said, try and have some fun with it and don’t take it all too seriously! Or hey, you could even hand the reigns to a dynamic integrated comms agency to take the heat off your own back. If you want to have a further yarn, get in touch with us here.
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