Marketing Spend Management in a Downturn
Why cutting marketing spends during a downturn is not the most reasonable solution and how marketers can negotiate and justify the necessary investments when the company is trying to save money. In this article you will learn about four tips on managing marketing spends during a slowdown more efficiently. During crises and downturns budgets are especially strictly controlled as companies try to save resources, so marketers find themselves under even more pressure to communicate the value of their investment decisions. Simply reducing media spends will not do because in the long term it will negatively affect brand equity and future sales. Here we will discuss some advice from a recent McKinsey article that can be useful for weathering challenging periods like we are currently going through. The Covid-19 pandemic has dramatically changed the market conditions and consumer behaviour, that’s why companies need to take prompt actions to stay competitive and secure future growth. If you use Marketing Mix Modelling to evaluate marketing performance, you need to adjust your models so that they would account for Covid-19 factor. We will also tell you how our solution helps to optimize budgeting and give the best performance with limited and fixed funds. Since… Read more »
