We’ve been hit with the double whammy of inflation and economic uncertainty together for the first time in decades. As a result, marketers in every industry are facing steep challenges in 2023. Slower demand and rising costs ideally require bigger ad spends, but we are increasingly seeing marketing budgets under pressure.
This report presents a framework for digital performance marketers to rise to these challenges and meet organizational goals in 2023. It discusses how marketers can:
- Drive efficiencies within their most successful (and expensive) channels
- Manage omnichannel efforts more efficiently
- Build efficiencies in marketing operations, and
- Capitalize on the challenging economic environment to opportunistically expand their market share.
Experts from the report:
In a recession, the first step is to always follow the money.
For marketing leaders, the need of the hour is not only driving business outcomes. The focus needs to be on driving results while holding every dollar accountable. You need to ensure that you are clearly laying out how you would drive efficiencies across the board to make your marketing dollars go further.
Proactive marketing to build pent-up demand and gaining share-of-voice during a downturn is cost-effective. Companies who choose to opportunistically invest in growth during this time will gain a definite strategic advantage. According to recent research, 86% of executives say that when they see advertising from a company during a recession, it keeps that company top of mind when making purchasing decisions and makes them feel positive about that company’s commitment to its products and services.
The report is based on data and thinking presented in a recent iQuanti webinar featuring Vish Sastry Rachakonda (CEO & Founder, iQuanti) and guest speaker Nikhil Lai (Senior Analyst, Forrester).