How to market in challenging times?
It's easy to cut budgets, but what does it actually take to close them?
The answer isn't simple, but it's something we want to find out. That's why we signed up for the launch of the report "The Nordic CMO Survey" by Kampanje, Resumé, Synlighet and Dansk Markedsføring. It looks at what CMOs in the Nordic region believe in, what they prioritize and how they succeed. What investments are they making to ensure future growth? There must be something for us to learn here!
Here is our summary of the report:
61% of marketing managers see recession and declining consumption as the biggest challenge
50% have changed their marketing strategy due to uncertain macroeconomic conditions in the past year
34% will increase their marketing budget in 2023
79% use an agency to a greater or lesser extent
43% will be employed in the marketing department
59% have invested in new creative concepts and campaigns in the past year
54% have invested more in branding in the past year
Marketing managers say they will focus on this in the future:
Marketing automation
Customer loyalty program
AR and VR
Podcast
Video marketing
Influencer collaboration
Those who succeed best are those who:
Have a clear marketing strategy and quantified marketing goals
Good collaboration between sales and marketing on joint plans and initiatives
Investing in people and marketing budget
Investing in insights and branding
Are forward-thinking and dare to try new things
Looks outward rather than inward, and anticipates challenges in the environment
The report "The Nordic CMO Survey" is produced by Kampanje, Resumé, Synlighet and Dansk Markedsføring.
What do we at Gasta think you should do?
Don't throttle your budget
If everyone else is slashing their marketing budget, what better opportunity to step forward? Traditionally, many people think that challenging times are a reason to "sit still in the boat", but here we think it's a good opportunity to take more market share.
Branding, not short-term sales
Do it smart and think long-term. In marketing, a distinction can be made between short-term sales activities and brand-building activities. In a period where purchasing power is declining, it may be wise to focus more on brand building. That way, you let your customers get to know you and you'll be top of mind when they're ready to buy.
Adjust your strategy
Goals can change quickly these days. What you thought yesterday may not be a reality today. That's why we recommend reviewing your strategy and goals, and seeing where you can adjust measures to achieve results - or sub-goals. Be realistic!
Dare to bet
In uncertain times, you have to think outside the box. The successful marketing managers in the report above have in common that they dare to try new things. Perhaps this is the time to use more video, try scrollytelling - or try a new channel? What about newsletters?
