Have you seen a recent budget cut for marketing, or see a pressure on marketing spend in 2024? If yes, how do you plan to optimize your spend - which activities will get an axe and which ones are non-negotiables?
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Investment in owned media with value driven approach always trumps paid media in building trust. Events are a great way to build visibility but a thorough post event follow through is where the rubber meets the road. Thanks for sharing your perspective.
Given the shift towards digital, investments in digital marketing channels often yield a high return on investment. This includes SEO (Search Engine Optimization), content marketing, and social media engagement. These areas can drive significant organic traffic and engagement at a relatively low cost compared to traditional advertising. I’d focus more here especially as budgets get cut.
Investments in improving the customer experience across all touchpoints are non-negotiable. A positive CX leads to higher customer satisfaction, retention, and word-of-mouth referrals. Maintaining your brand's integrity and value proposition is critical. Any cuts or changes should not compromise the quality of your product or service or the core values your brand represents.
I am personally a strong believer in organic reach. I think paid campaigns are built on strength what we have been able to create and cultivate. Completely agree with your views.
No, we increased our budgets. But nevertheless we continously try to optimize our spend by using advanced performance marketing metrics that we try to analyze with the help of AI.
that's good to know. Nothing like marketers getting more dollars in their kitty :)
Yes each department has been asked to cut spending by 10% across the board. We started by outsourcing our website IT services such as hosting. We also went with a different cms that is cheaper in the long run.
Yes, sometimes outsourcing works better.
While my company is still growing and profitable, we do foresee economic headwinds in 2024 and are preparing for them. As a result, we are planning to do sponsor fewer regional events and plan to be much more focused with our marketing campaigns this year.