As the impacts of coronavirus on health recede for now, in the UK at least, thought is turning to how to navigate the economic recession it has also caused. For marketers, effectiveness should play a crucial role: with every penny spent more important than ever, the impact of investment will need to be evaluated more rigorously than ever.
The urge, as we saw in the 2008 recession, will be to abandon thought of the long-term in favour of short-term gains. What marketers can do now to boost sales and drive up ROI to provide some nice numbers for the CFO and a clear reason not to cut the team or the CMO role.
But as my colleague Charlotte Rogers explores in a piece this week, marketers must resist. As Peter Field puts it, those chasing ROI will likely develop short-term bad behaviours. Instead it is important to find longer term metrics that focus on the strength of the brand and mental availability, especially while media is relatively cheap.