When marketing budgets shrink, marketing departments typically employ the following strategies:
Downsize marketing projects
Move marketing activities in-house
As regrettable and potentially damaging as these options are, sometimes they are a financial reality. So if you must cut back, the trick is to cut back without cutting effectiveness.
As you move to streamline your marketing plan, remember that individual marketing activities are far more effective when launched in tandem with other integrated marketing elements such as pr, advertising, or promotional campaigns. For example:
Direct mail campaigns typically return an average of 1.86%.
Direct mail campaigns accompanied by an integrated pr, advertising, or promotional campaign typically return an average of 3.2%.
When three of these marketing elements are integrated into the mix, the return rate jumps to 4.6%.
These numbers show that, although you may be forced to streamline your marketing strategy, your marketing efforts can still be effective if the elements of the revised plan are complementary, integrated, and highly targeted. Concentrate on marketing your core businesses. Design your marketing efforts to reinforce that core, by diverting marketing resources from areas that dilute your position. When budgets tighten, it is vital that marketing plans be revised into strategies that are disciplined and focused.
The task of refocusing and reintegrating your marketing efforts is difficult enough; but when companies are forced to move marketing activities in-house, it can seem like an overwhelming challenge. So if you're looking to internalize your marketing efforts, you might want to consider getting some ideas from your marketing agency. The objective and experienced opinions of an outside agency can help you to set attainable goals, reintegrate your marketing strategy to meet those goals, and help to prepare your staff for the challenges ahead.
Remember that downturns do not last forever. When the economy rebounds, your company can emerge well positioned if you set goals to reinforce your core businesses. Then you can streamline and reintegrate your marketing plan with confidence, while constructing a focused strategy consistent with your goals. And if you run into problems, don't be afraid to turn to an outside agency for help. In the long run, they can help you get more out of your in-house efforts by improving efficiency and effectiveness.
