With 2013 around the corner, and marketers putting pens to paper crafting new strategies, businesses must put their financial situations into greater perspective. In many instances, when economic woes affect the nation, businesses cut their marketing and advertising budgets first.
In CoreBrand’s recent “2013 Branding Industry Outlook” report, the firm suggests several trends will shape how CFOs determine where additional resources can benefit overall growth and where cuts must be made. The underlying theme throughout the report is frugality.
“There is no doubt that 2012 was a challenging year for corporations, brands and their stakeholders,” CEO of CoreBrand James R. Gregory said. “2013 will be the year of commitment to growth. Corporations and brands that were overly cautious, or even downright dormant in 2012, will require some much needed attention to regain brand momentum.”
Gregory’s statement seems to almost contradict the “2013 Branding Industry Outlook” report, which cited “frugality” as the new normal in marketing. According to the report, brands will be expected to execute more successes with fewer resources, as many organizations maintain a “wait and see” attitude given the unsettled economy in both the United States and Europe. In fact, CoreBrand notes that businesses will depend on support from strategic partners to deliver higher brand performances with significantly lower monetary investments.
The idea of doing more with less can seem daunting, especially with brands vying for the same audience. Perhaps the solution to this conundrum lies in CoreBrand’s second prediction – Consumers will have a “keep me in the know” mentality. According to the report, prospective and current customers will expect the brands they shop from to keep them well informed, especially when events impact buyers directly. The study notes that, the more consumers know, the more these people will trust the company overall.
Building educational resources to keep new and existing customers informed of new products, services, events or deals can achieve this professional gain. Brands that want to do more with less, but also experience rapid growth, must develop rapport with their customers, so shoppers will invest in products or services time and time again. Content marketing could be the easy solution, giving businesses the opportunity to engage with audiences through diverse media types. From branded content on blogs to video content on YouTube, organizations that actively publish a mix of informational and promotional content to the web may see higher ROI long term.