I agree with the article “Innovation will bear fruit despite budget squeeze” (MW last week) because with the economy still labouring, the famous quotation “innovate or die” has never been more applicable.
But to innovate effectively, marketers must make a genuine step-change in their thought process. This means looking outside their department to see what resources in their organisation can be leveraged to generate extra value from their media spend.
For example, looking at maximising the value of unwanted or excess stock by using the services of a corporate trade company – in effect a form of old-school barter – to boost their media spend. These businesses buy old stock or equipment with trade credits at a higher value than they would be worth in cash. These credits can then be traded by marketers to buy media space or printing services, for example, and generate extra value from their marketing spend.
Marketers that take such an innovative approach in the current economic climate will drive return on investment from their campaigns.
Vice-president international division, Active International