Not the best way to end the year for 2008 and to start 2009 with job cuts expected in December, it’s gonna be a sad x’mas (especially for a graduating student like me…)
With that said, i get the sense in the market that marketing budgets are shrinking. There’ve been several posts on the shrinking marketing budget and the rise of digital media being the cheaper alternative. I’ve just picked 2 of those posts to discuss. Leslie Postpon did a post on Is social Advertising a safe haven for marketing budgets? It’s a great post which brings out one of the 2 critical issues which i find essential to a campaign. She brought out the issue of ROI and i blogged about it here and here.
In addition, the issue of transparency when using social media was mentioned which I found crucial to communicating with your stakeholders online. There’s an interesting experiment that was done on this transparency issue and was blogged by John Butman and it was called 90 days. Beautiful process, I’ve just read through the first few posts and I’m looking forward to reading more after this.
Walter Lim shared a post on Marketing Strategies in a downturn and provided some awesome examples of what some companies have done and can do with their marketing efforts in this economy downturn. While Walter thinks of this as a back to basic approach, I’m inclined to agree to some extent.
Looking at points 9,
which is Agencies must also get into the act together with their clients
10 which is Customer analytics gains primary importance
I think these 2 points allow a flourish and rise of digital media, not only because it’s cheaper, but also because the fact that with point 9, i see a better chance of online and instant collaboration without having 10,000 emails flying about causing great miscomms which can happen. In addition, customer analytics for online behavior can be tracked, but involving yourself in your brand’s community can also lead to behavioral patterns offline. (What they like to do with your brand, where do they get it, what do they use it with etc.)
I now agree that the downturn will have folks tightening their budgets and turning towards cheaper forms of media. However, it will also mean that it will force them to stop just spamming banner ads and force them to start getting involved with the consumers. After all, isn’t it better to target a behavioral group of people then just plain demographics?
To answer Daryl’s post on Where are the corporates taking the lead? I don’t know the where, but i think the when is coming really soon. Therefore, social media evangelists, is this the time we have been waiting for where companies finally have to get their hands dirty? I sure hope so….