McKinsey has once again published a white paper on a hot topic, one that matters especially in our sector: what new rules will apply to marketers in 09, the year of the recession.
Some interesting insights, and some background material to convince management and others that yes, you should cut marketing, but no you shouldn’t cut everything without thinking. Strong hints that the web and new media will come out stronger from this transition as it offers measurable and now proven cost effective tools to beat the recession. Other insights for B2B companies to make sure their customers are credit worthy, and to repriorities target audiences that still have money to spend (or new emerging ones) – this all means be ready for change, and reevaluate prioritities on a regular basis.
“Reprioritizing advertising vehicles
New communications vehicles such as the Internet, social networking, and mobile devices are gaining scale and delivering effective results. Meanwhile, classic media such as television have become, at a minimum, much more costly. Most marketing plans therefore try to meet their objectives cost-effectively by using a mix of traditional and new vehicles, with the latter typically accounting for 10 to 15 percent of spending.”