Fuel for Thought: Seven Strategies to Surviving the Downturn

33 %
67 %
Information about Fuel for Thought: Seven Strategies to Surviving the Downturn
Business & Mgmt

Published on December 12, 2008

Author: JennKim

Source: slideshare.net

Description

The power and versatility of today’s online capabilities provide numerous new ways for marketers to tackle the economic downturn, diminishing budgets and changes in consumer habits that are happening everywhere. Many companies/brands have already cut back on their marketing/advertising efforts, while others are taking this moment to reassess, reinvent and revitalize their brands/companies.
I’m a firm believer that challenges open doors to opportunities, and opportunities bring innovation with possibilities to further advance and emerge as a leader -- as many brands did during the Great Depression.

As eMarketer CEO/co-founder Geoff Ramsey puts it, “Consumers are still consuming.” They are still out there, looking for deals and recommendations to make product choices. They are relying on all available resources to find what is right for them. For marketers, the good news is there are more options than ever to make a connection with customers. Our goal at Fuel for Thought is to share these strategies and fuel ideas that will deliver growth and innovation for businesses.

Seven Strategies to Surviving the Downturn A Compendium to 11.21.08 Fuel for Thought Series www.SigmaGroup.com

Geoff Ramsey’s Digital Marketing Now: Seven Strategies to Surviving the Downturn is available as download at: http://www.emarketer.com/7strategies.aspx

It’s ugly out there… Image: http://www.flickr.com/photos/21313845@N04/

53% of U.S. marketers expect reduced ad budget over the next 6 months (ANA) Image: http://www.flickr.com/photos/paperpariah/sets/72157604555040504/ Source: http://www.emarketer.com/7strategies.aspx

53% of U.S. marketers expect reduced ad budget over the next 6 months (ANA)

31% say they’ve already cut back (Oct ‘08 MarketingProfss) Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

31% say they’ve already cut back (Oct ‘08 MarketingProfss)

85% will cut their traditional media budget in 2009 (MarketingProfs) Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

85% will cut their traditional media budget in 2009 (MarketingProfs)

Signs of growth in… Image: http://www.flickr.com/photos/21313845@N04/

projected to grow by 8.9% in 2009 (eMarketer ) U.S. online ad spending Image: http://www.flickr.com/photos/28481088@N00/

Over 70% of global marketing executives today believe online will determine how major campaigns are planned and executed (ANA Survey ) Image: http://www.flickr.com/photos/visualpanic/ Source: http://www.emarketer.com/7strategies.aspx

Why online will weather the downturn better than other advertising options ?

Greater measurability, accountability and less expensive than traditional channels More granular targeting and access to consumers at all stages of the buying cycle Image: http://www.flickr.com/photos/28481088@N00/

Greater measurability, accountability and less expensive than traditional channels

The Internet is interactive, allowing higher degrees of engagement with consumers Paying close attention to online conversations gives marketers insights into consumer behavior, desires, feelings, problem issues, etc. Image:: http://www.flickr.com/photos/joeshlabotnik/305410323/sizes/l/ Source: http://www.emarketer.com/7strategies.aspx

What are those 7 strategies?

Source: http://www.emarketer.com/7strategies.aspx Get with the Accountability Program Strategy 1 Image: http://www.flickr.com/photos/ebolasmallpox/

Source: http://www.emarketer.com/7strategies.aspx Now is the time to step up efforts to quantify and measure the value of marketing programs Geoff Ramsey, eMarketer “ ” Image: http://www.flickr.com/photos/ebolasmallpox/

Measure online branding efforts – Intergrating with search to get a more complete assessment Break down silos – search/display ads, online/offline media and channels Build a sales impact model to better assess how online messages convert shoppers into buyers, both online and in stores Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

Keep Doing Search Strategy Image http://www.flickr.com/photos/lwr/2407848183/ Source: http://www.emarketer.com/7strategies.aspx

It’s a necessity for marketers in a depressed economy as consumers welcome search ads, rather than view them as interruption or disruption. Geoff Ramsey, eMarketer “ ” Source: http://www.emarketer.com/7strategies.aspx

Search provides a highly measurable ROI Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

Search garners click-throught rates that exceed all other forms of online advertising Image: http://www.flickr.com/photos/28481088@N00/2094624041/in/photostream/ Source: http://www.emarketer.com/7strategies.aspx

Search offers the potential for immediate online sales as well as for offline sales at a later time Image: http://www.flickr.com/photos/28481088@N00/2096361609/ Source: http://www.emarketer.com/7strategies.aspx

3 Anti-Search Strategy Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

Don’t ignore the power of branding online… brand advertising creates the intent, and search helps you resolve the purchase . Geoff Ramsey, eMarketer “ ” Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

Atlas found a 22% lift in conversion rate when display ads were combined with search Image: http://www.flickr.com/photos/gaetanlee/ Source: http://www.emarketer.com/7strategies.aspx

Atlas found a 22% lift in conversion rate when display ads were combined with search

For retailers with an online and offline channel, 68% of the impact of display ads was found in the offline sales channel Image: http://www.flickr.com/photos/paperpariah/sets/72157604555040504/ Source: http://www.emarketer.com/7strategies.aspx

My expectation is we’ll see a lot more shopping around, a lot more research [because of the recession], so there is an opportunity there to reach people where they are doing their research online…Brand advertising and display advertising create the intent, and search helps you resolve the purchase. Hal Varian, chief economist, Google, TravelThink Conference, October 8, 2008 “ ” Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

In the increasingly advertising-filled online environment, you know that you’re often exposed to more than one message from a marketer before you buy. You see a display ad one day, a video ad the next day, and maybe the day after that you search for the product and purchase. If the search ad is the only one getting the credit for the conversion, the marketer isn’t getting the full story. Esco Strong, analyst, Atlas Institute,“Where Can You Find Your Customer?,” Microsoft, 2007 “ ” Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

The Web is the best platform for getting consumers from awareness to transaction the world has ever seen, yet few advertisers leverage the Web as a transaction platform. David Koretz, MediaPost’s Online Publishing Insider, October 16, 2008 “ ” Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

Measure and integrate metrics Use display/branding ads to drive online shopping Focus on value messages Consider good old-fashioned site sponsorships – they can be effective and efficient if placed on the right content sites and precisely targeted to reach your prospects. to Image: http://www.flickr.com/photos/chichacha/ Source: http://www.emarketer.com/7strategies.aspx

Measure and integrate metrics

Use display/branding ads to drive online shopping

Focus on value messages

Consider good old-fashioned site sponsorships – they can be effective and efficient if placed on the right content sites and precisely targeted to reach your prospects.

Stay Close to Customers Strategy Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

When times are tough, marketers should make every attempt to stay close to their core customers. With nearly 70% of all adults online, the Internet has reached the threshold of becoming a mass medium . Geoff Ramsey, eMarketer “ ” Source: http://www.emarketer.com/7strategies.aspx

Two things to consider… Source: http://www.emarketer.com/7strategies.aspx

Email Still a great medium for staying in touch . Keep email campaigns targeted and personalized as a means to staying close to customers. Image: http://www.flickr.com/photos/dcjohn/8474890/ Source: http://www.emarketer.com/7strategies.aspx

Social Media Where consumer conversations are taking place – on blogs, consumer review sites, social portal sites and real-time conversational applications Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/luc/ Source: http://www.emarketer.com/7strategies.aspx

Use blogs, social media and tools to Look, Listen , Lounge and Learn Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/eusoudaniel/2344561300/ Source: http://www.emarketer.com/7strategies.aspx

Notice what words and language consumers use and how they interact, influence and pass along information. Listen how consumers talk about your product/service category. Image: http://www.flickr.com/photos/sookie/ Source: http://www.emarketer.com/7strategies.aspx

Observe if there are real or perceived problems relating to your product or customer service. Unleash the wisdom of the consumer by incorporating it into your initiative. Image: http://www.flickr.com/photos/fenchurch/ Source: http://www.emarketer.com/7strategies.aspx

Best practices for using Social Media…

Join in the conversation. But make sure you pick the right community and that you are adding real value Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/briansolis/ Source: http://www.emarketer.com/7strategies.aspx

Keep brand fans happy. Focus on your brand enthusiasts and let them “share the love” with others Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/ringydingydo/ Source: http://www.emarketer.com/7strategies.aspx

Tap into coveted influentials Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/cesarcabrera/ Source: http://www.emarketer.com/7strategies.aspx

Engender Trust Strategy Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

Trust is the currency of brands, and it has never been harder to create or hold on to . Geoff Ramsey, eMarketer ” “ Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

How do you engender trust with consumers? Image: http://www.flickr.com/photos/chichacha/ Source: http://www.emarketer.com/7strategies.aspx

Realize consumers trust each other more than they trust you. Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

Don’t go dark on them – continue to market and advertise . Image: http://www.flickr.com/photos/78124746@N00/ Source: http://www.emarketer.com/7strategies.aspx

Make your product and customer service as good as can be. Image: http://www.flickr.com/photos/thomashawk/ Source: http://www.emarketer.com/7strategies.aspx

Emphasize listening over loud speaking. Image: http://www.flickr.com/photos/santos/ Source: http://www.emarketer.com/7strategies.aspx

Transparency = Trust Adapt messages to be more real – less marketing talk Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

Engage Prospects and Customers via Video Strategy Image: http://www.flickr.com/photos/loewenhertz/103955516/ Source: http://www.emarketer.com/7strategies.aspx

Average consumer recall of an un-skippable ad online is 50%, versus 18% for a similar ad on broadcast television. Magid Associates, 2008 ” “ Source: http://www.emarketer.com/7strategies.aspx

In 2008, 80% of Internet users viewed online video (equates to 154 million) Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx Projected to increase to 167.5 million Americans in 2009, representing 87% of Internet users.

Image: http://www.flickr.com/photos/crosslens/ Source: http://www.emarketer.com/7strategies.aspx

Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx

Two basic strategies for engaging with online video … Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx

Place video footage of your products on your Web site to provide a more visual experience (i.e., demo) Image: http://www.flickr.com/photos/zapthedingbat/3028956788/ Source: http://www.emarketer.com/7strategies.aspx

Place video “ads” on video content sites, such as YouTube, Hulu, or better yet, smaller niche sites addressing your target customer. Image: http://www.flickr.com/photos/djou/647642712/ Source: http://www.emarketer.com/7strategies.aspx

Strategy 7 : Test Test Test Image: http://www.flickr.com/photos/philmclean/81540329/ Source: http://www.emarketer.com/7strategies.aspx

It’s tough out there, but now is really a terrific time to experiment. Image: http://www.flickr.com/photos/ebolasmallpox/3044257779/ Source: http://www.emarketer.com/7strategies.aspx

Not on wacky, unproven tactics… but on practical , data-supported success strategies that marketers are already deploying today. Image: http://www.flickr.com/photos/28481088@N00/2412138018/ Source: http://www.emarketer.com/7strategies.aspx

There is simply no excuse today not to be experimenting constantly, relentlessly with digital media and applications . Image: http://www.flickr.com/photos/28481088@N00/2095395404/in/set-72157603519931849/ Source: http://www.emarketer.com/7strategies.aspx

Marketers can read all the research in the world, but if they don’t try a tactic themselves… they will never know if it can work for their brand. Image: http://www.flickr.com/photos/nickwheeleroz/2475011402/ Source: http://www.emarketer.com/7strategies.aspx

The opportunities are limited only by creativity and imagination. – Geoff Ramsey Image: http://www.flickr.com/photos/luchilu/ Source: http://www.emarketer.com/7strategies.aspx

Want more info? Contact: [email_address] Or Visit: http://www.sigmagroup.com

Add a comment

Related presentations

Related pages

universal-thinkers

universal-thinkers ... Seven Strategies to Surviving the Downturn. ... Fuel for Thought: Seven Strategies to Surviving the Downturn.
Read more

Seven digital marketing strategies for surviving the downturn

Tough economic conditions have emphasize media that are more efficient, targeted, measurable and proven to demonstrate positive ROI. For marketers looking ...
Read more

20 Business Survival Strategies for tough economic times ...

... and fewer customers lining up to purchase your once thought to be ... Survival Strategies for tough economic times ... the economic downturn.
Read more

How To Survive The Services Recession - Fuel Up! LNG

06 Jan How To Survive The Services Recession. ... Give some thought to your services customers and how ... fuel choices for fossil based ...
Read more

Surviving A Downturn | Download eBook PDF/EPUB

Please click button to get surviving a downturn book now. All books are in clear copy here, and all files are secure so don't worry about it.
Read more

B2B Marketing Strategies During A Recession - Marketo

Here are seven strategies you can use for B2B ... 7 Strategies for B2B Marketing during a ... (as opposed to thought leadership and best ...
Read more

Surviving change : a manager's guide : essential ...

Surviving change : a manager's guide : essential strategies for managing in a downturn.. ... essential strategies for managing in a downturn. "@en; ...
Read more

Surviving | LinkedIn

Surviving Brain Tumors Event Coordinator at Surviving Brain Tumors Awareness Event Coordinator at Cleveland Clinic Past
Read more