Hanging on by a shoestring
My task this week is one of my favourites in any year – overseeing judging of the Marketing Week Masters Awards. Despite the madness of the last few months, what I and the judges were presented with is illustration of the wealth of talent in the marketing industry.
The entries that shone demonstrated excellence in diagnosis, insight, strategic objective setting, innovation, creativity and effectiveness. The majority were for campaigns, initiatives and projects launched well before Covid-19 arrived, chewed up best laid plans and put investment and strategy on hold for many.
According to the latest Bellwether report from the IPA, UK marketing budgets were cut more than they have been in the history of the quarterly barometer. The axe fell on everything from market research to direct mail, from TV to sales promotion.
The protection of cash reserves in the face of hemorrhaging revenue is understandable. But companies cannot go entirely dark or retreat to the bottom of the funnel. With so many moving parts, strong brands that cement positive and timely associations will win out when their existing and prospective customers are ready to buy.