Mi3Australia has written a relevant piece reminding us that we should really avoid cutting brand investment during a recession, and the performance marketing budget should be cut instead.
This is definitely counter-intuitive for many businesses, especially those in the business who hold the keys to the marketing budgets.
This is also a very good time to make the case for cloud-based MMM software that can:
– quantify brand impacts on your baseline
– quantify the impact of external factors (macroeconomic, competitors etc)
– find the weak spots and wastage in your media plan to deliver the same results for less money (or, ideally, a lot more for the same money, but let’s be realistic)
– provide the evidence to the business about the contribution of marketing to the bottom line, with a level of predictive accuracy
– update the models based on changing conditions
– provide forecasts with a high degree of predictive accuracy
We can help you with this using the world’s leading unified marketing measurement and optimisation platform, HamiltonAI, used by leading brand advertisers in Australia.
You will also still continue to do performance advertising, so it makes sense to use performance tactics efficiently as well.
First up, make sure you’re tracking digital properly. If you don’t have a full server-side solution for all of your tags, there’s a quick and easy fix to recover lost data due to cookies (ITP/ETP) and ad blockers/strict browsers (in a privacy-safe way). This will enable you to optimise your digital campaigns based on what’s really happening, not just the slice that you’re able to measure. Trust us, there’s a really big difference. Check out RescueMetrics to find out more.
Secondly, make sure you’re not tracking too much. Bots and invalid traffic have infiltrated all parts of the digital marketing ecosystem. Blocking bots can squeeze more value from your campaigns, and they can also clean up your overall organic data,including things like CRO/UX tests which are also incorporating the bots pretending to be humans. Check out CHEQ to find out more.
