David nails it. Marketing is changing fast, and it’s all about the ROI.
With those markets off 40% from their highs in the fall of 2007, marketers are also feeling very dour right now, and despite feeble exhortations that now is the time to double down and crush the competition, all signs are in place for a major flattening and decline in global marketing programs from advertising to PR. It is an article of faith that one of the first expense items to get whacked in a downturn is marketing and other corporate services perceived as “soft” and nice-to-have versus essential to make payroll and keep the lights on.
Some marketing activities will survive and continue through these hard times, and I believe it will be the newest techniques and tactics which endure thanks to the simple fact that they can be measured so well. These are the days when every dollar or Euro spent on marketing has to defend itself from that king tyrant Le ROI.
David gives us a real world view. Not the airline magazine version, but the “been backwards and forwards through the numbers a thousand times looking for nickels and finding pennies” view. Then from there, he offers real advice, and even better a commitment to providing more info going forward. For now, his advice for a couple zero cost marketing wins:
- Open a blog. WordPress.com. Stop. Go no further. Go there. Open a blog. Go battle with your PR and legal teams and before you visit them do a quick Google search for “corporate blog policy” and print out one of the many policies held up as classics by the experts. Do a search and replace and put your organization’s name in the appropriate places. Get permission. Start blogging. Cost: zero.
- Monitor what other blogs say about your organization. Google Blog Search. Technorati. An RSS reader. Google Reader. Bloglines. Whatever. Learn them. Set up RSS search feeds on your brand names and start reading. “Engaging” with bloggers? Google search on the topic. There’s more advice out there than a herd of consultants could impart for a fee in a year. Cost: zero.