Market's Leading Indicator Provides Insight When Analyzed Thoroughly
Writing a Pep Talk for MarketingExecs: Weathering the Storm Ahead
Hey there, marketing mavens! With all the turmoil happening out there, it's high time we freshen up our spirits and rally around some optimism. Let's face it, the last quarter's IPA Bellwether report put a damper on our moods, foretelling a flat Q3. But fear not! We have a knack for finding silver linings, right?
As the political landscape shifts and uncertainty looms, it's understandable that marketing budgets take a hit. The upcoming budget announcement has everyone on edge, making us hesitant to invest heavily. However, in the grand scheme of things, optimism seems scarce, and growing ad spend appears too good to be true, doesn't it?
Nevertheless, I remain an eternal optimist! First off, let's acknowledge that a flat quarter was bound to happen after an extended period of growth. The Bellwether report simply hit us at an inopportune moment, stuck between elections and their first budgets. So, I'm not reading too much into it. Plus, once the budget is unveiled, I expect marketing budgets to continue their upward trajectory, primed to embrace the upcoming festive season with Black Friday and Christmas right around the corner.
Remember the saying, "When others stop, you go"? It's a golden rule that industry watchers cannot ignore. Seize the opportunity to be the voice that stands out amidst the chorus of silence, and build a larger share of voice and share of market. However, it's essential to help our CMOs and brands make data-driven decisions rather than relying solely on theory.
Startups and scale-ups, with their limited resources, can adapt quickly to market conditions. They're already pros at maximizing minimal investments, making times like these their playground. Remember, expensive ads don't always guarantee higher sales. When money is tight, creativity thrived, and the public loved it when marketers showed their ingenuity.
Video marketing is a shining example of this trend. Video, known for its branding focus, reportedly performed strongly, which shows that marketers are investing in both performance media and brand-building activities.
Lastly, and most importantly, remember: the IPA Bellwether report is just one of many sources of intel. Every CMO should be seeking diverse data sources to analyze their brand's performance. At Wake The Bear, we dive deep into media modelling and remodelling, ensuring our clients make informed decisions rather than focusing solely on media/marketing metrics.
As we wait for the budget announcement, let's stay vigilant and watchful. Early indications suggest that businesses will remain unaffected by the budget. Once it's out of the way, I predict a collective sigh of relief, and a return to "business as usual." This will result in a strong surge in marketing spend during the festive season, followed by a bumper November and December.
Stay optimistic, marketing friends! Let's seize the opportunities that lie ahead and make magic happen!
Featured image: Pexels by Yan Krukau
Insights:- Marketers are being cautious about ad spend due to current political instability and uncertainty.- Startups and scale-ups are more agile in adapting to market conditions, making them well-suited to maximize investments during turbulent times.- Video marketing is on the rise, showing that marketers are focusing on brand-building activities along with performance media.- CMOs need to leverage diverse data sources to analyze their brand's performance effectively.- Once budget announcements are made, there's likely to be an upward surge in marketing spend during the festive season.
Marketing mavens should seek opportunities despite the political instability and uncertainty in the news. Startups and scale-ups, being more agile, can effectively adapt to turbulent times and maximize minimal investments in marketing budgets. Video marketing, a brand-building activity, has reportedly performed strongly, showcasing creativity and ingenuity. With diverse data sources, CMOs can analyze their brand's performance effectively and not solely on media/marketing metrics. The upcoming budget announcement might result in a bumper festive season advertising rush. Thus, let's remain optimistic, adapt, and make magic happen in marketing business.
