Even with slashed budgets and in trying times, marketers should remember to keep investing in their brand.
That’s the advice from IntelligenceBank CEO Tessa Court [feature image], who spoke with B&T about how CMOs and other marketing leaders can best navigate the COVID-19 crisis.
“Right now there is a clear relationship between share of voice and share of market,” she said.
“While the current climate of uncertainty has caused some marketers to pull back on their activity and has unfortunately caused others to shut down, maintaining a brand voice that provides long-term value can be a distinct advantage – especially when the economy turns around and gets back to normal.
“Even though media spends are down by -35 per cent, it’s important to note that media consumption is at an all time high. For those companies that have the capacity to advertise and produce relevant branded content, now is a good time to invest in brand advertising.”
While Court stressed the importance of investing in brand during this time, the reality is many marketing leaders will have to find room in their budget in some form.
Here, she suggests holding back on things like product launches and ‘ad-hoc’ expenses such as monthly subscriptions.
Tighter budgets also raise questions around the necessity of certain marketing technologies.
While their value is undeniable, certain marketing technology stacks have a reputation for being rather expensive.
Court argued, however, these are expenses that ultimately help a business’s bottom line.
“Marketing technology tools such as digital asset management, marketing project management, digital experience platforms and creative approvals are ultimately helping marketing departments right now to save time and as a result save money,” she said.
“In the best of times, these tools enable teams to get to market quickly. Within our new work-from-home reality, these tools are proving to be even more essential than ever before. They’re allowing teams to not only have access to the correct materials but they are also maintaining some much needed momentum.”
