Credit Crunch Proof Advertising Strategies - EN magazine

11/11/2008

In testing economic times, the marketing budget is often the first to face the chop. However, Amanda Alexander, managing director of B2B media planning and buying specialists, WHICHMEDIA (www.whichmedia.com), firmly believes that with judicious use of budget and careful planning, businesses that advertise through times of recession come out the other side much stronger for it. Here, Amanda offers advice on getting the most from your budget during the credit crunch, so that your advertising works hard and reaps rewards:

‘’Recession or not, every penny of your advertising expenditure should be spent effectively. With careful planning, it’s amazing how a marketing budget can be streamlined, leaving a lean, targeted and hardworking campaign in its place.                  

Monitor results

‘’Whether you’re planning the advertising yourself or using an agency, monitor the campaign continually.  Keep a file on lead generation and the response to the advert. Remember, though, to listen to market feedback as much as quantifiable results, as advertising often leads to invaluable, boosted brand awareness as well as hard leads.

‘’Too many companies simply plan the same campaign year in year out, at the same rates. Scrutinise what’s working and what isn’t.  If responses to an advert in a particular title or website drop, re-negotiate terms so that the title remains effective, at an acceptable cost per response.’’

Negotiate hard

‘’Especially in these trying economic times, there are opportunities for great deals. So, you must push publishers to ensure you get the best value.

‘’Don’t be afraid to negotiate hard. Take advantage of volume buying.  You may be purchasing exhibition space, a print campaign and online marketing products from the same publisher – use this as leverage to secure excellent deals.

’’Do request added value incentives before you commit to advertising. For example, you could ask for visibility on the publication’s website when you book an advert in the print version of the title.’’

Do Your Homework

 ‘’Using audited publications guarantees that readers have requested the title or conform to the title’s terms of control and your message is more likely to be seen. However, if you are looking to use an un-audited titles, just make sure you do your research to confirm the publisher’s claims and obtain Royal Mail dockets as proof of postage.’’

Consider online

‘’Whilst print publications will always remain popular amongst the business community, online is inevitably a growing medium. If you use it to your advantage, it can also be a highly cost effective one. It’s easy to track response, and therefore cost per lead, by requesting website statistics from the publication. The web is a great way of achieving long term visibility, as publishing houses will often agree to a six or twelve month presence at a competitive rate. If you do go down this route, be sure to regularly update the graphics, as an advert that becomes part of a website’s wallpaper isn’t one that’s cost effective or working hard for you.’’

Consider tapping into expert knowledge

‘’Using a specialist media planning agency can help to stretch your budget. Tapping into an experienced media buyer’s expertise and relationships with media owners can be priceless in terms of getting your message across to the right audience and securing the best deals in publications that matter to your sector.  

‘’Agencies take a commission from the reduced rates they’re often able to secure with the publisher, not from your budget, so the service should save you money rather than adding to your expenditure.

‘’If you already work with an agency, be sure that they’re grafting hard on your behalf – and have really researched your sector to get under the skin of your target market’s reading and purchasing habits. Remember that an advertising campaign should be a dynamic rather than static tool, so as well as planning a strategic campaign, your agency should be looking out for last minute advertising opportunities, which are often extremely cost effective, as they’re offered at a time when the sales team is keen to hit their targets.

“If you want to go it alone – adopt an agency’s best practice approach. Research, monitor and negotiate. Be smart about your advertising, and make it work for you.”