The R-word whispered ominously among the businesses across the world, as people waited with bated breath for it to be over, has now become a house guest who refuses to leave. The much dreaded double dip has become a hard reality. The highlight of recent data released of British economy was avoidance of an unwanted historic first — the first triple-dip recession in British economic history. In the prevailing recessionary conditions, one among the many questions faced by a business is – to advertise or not to advertise?
Cutting costs – a priority in trying times
When cutting costs becomes a priority, a ‘luxury’ like publicity budget is among the first to face the axe. ‘Here we are, trying to save jobs, while you waste money on advertising!’ – this rather sentimental approach has proven suicidal to many a businesses. When times are bad, does one advertise ‘less’, as ‘more’ seems to be a waste of money, time and effort? On the other hand, marketers may argue that since it is difficult to get business, budgets should be increased to retain the growth rate.
The answer lies somewhere in between – not in advertising less or more, but wisely.
ROI – key to successful advertising
It is high time that the advertising budget is decided not on the prevailing advertisement rates but on your marketing plan of the number of goods that need to be sold in a given period. Measurability and accountability of each advertising channel has become an absolute must. ROI has become the key to a successful advertising campaign as well as the perfect tool to beat recession. An advertising campaign can be considered successful only as long as it leaves something on the table.
Online Marketing & CRM – the perfect advertising tool
Online Marketing is one such advertising tool that is economical, measurable and flexible. The various methods of online advertising – Search Engine Marketing, Emailing, Social Media Marketing are not only low cost mediums but can also be easily linked to the volume of business generated and show whether or not they are leaving something behind for the advertiser. A well crafted online campaign if synced to a good sales and marketing CRM, allows you to measure the number of leads generated, quality of leads, conversions and volume of business generated. The measurement is not just for the sake of measuring but for modifying campaigns, stopping the ones which do not yield results and reallocating budgets to campaigns according to their performance. A high-yield campaign may be allocated a higher budget while a low-yield one may be given a lower budget thus using every rupee of your hard earned money in the best manner possible.
Madhumita Banerjee, an MBA from Faculty of Management Studies, (FMS), full time, Delhi University, heads Ebony & Ivory, an advertising agency accredited with the INS. She is also the founding director of Abhiyan Marketing Services (P) Limited, an associate communications design and marketing services company. She worked at key positions with The Times of India and HCL Groups before venturing out on her own in 1994.
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