For the second time since 2020, the economy is looking a little shaky – and we all know that when times get tough, brand marketing budgets are the first to get cut. But despite popular belief, cutting back now is the worst thing you can do. In fact, you don’t have to turn your back on classic brand marketing channels like TV at all – you just need to prove their performance and justify your team’s value.
Despite common belief, taking your foot off the marketing pedal during a recession might be the worst thing you could do. A Harvard Business Review study of the previous economic recession found that brands that experienced growth shared three important qualities:
- They maintained ad spend
- They justified their budgets with measurable ROI
- They leveraged a TV presence to build and grow strong brands
And maintaining ad spend isn’t just good for weathering a bad economy now—it pays off when you come out the other end. In fact, companies that maintained ad spend during economic downturns see 250% higher sales later on than their counterparts that cut back.
Savvy advertisers understand that marketing plays a crucial role for businesses in volatile times and consumers still need to shop for goods. Here are just a few of the tips for how brands can stretch their ad dollars further when the economy is down.
1. Stay on message
Maintaining a presence and matching messaging with consumer behavior (via strategies like offering deals to budget-conscious shoppers) brands can both gain market share during hard times and be better positioned for the recovery.
2. Consumers trust TV more than social
Over the last year, social media has been met with increasing skepticism from users, and that has led to some very real ramifications for brands. An AdAge study found that 37% of streaming TV viewers say they distrust social media more now than they did a year ago. Further, 60% of consumers that use both social media and streaming TV say they don’t watch professionally produced content on social media, preferring to use streaming TV instead.
3. Invest in a proven performance channel
In 2023 it’s important for marketers to maintain and reallocate ad spend to channels that are proven to drive ROI. Thanks to advances in data-driven targeting and measurement capabilities, TV is now a performance channel just like digital. It is also accountable and can be more affordable than social and search. That's why marketers and advertisers are turning to outcomes-focused TV advertising platforms to drive efficiency and performance in 2023.
4. Start small
One of the most exciting things about streaming TV advertising is how affordable it is. For as little as $5-10K, an ad campaign can be up and running in a couple days. And you can quickly turn a campaign on and off, much like digital, to immediately take advantage of insights or optimize spend.
We believe marketers should have the full picture of the landscape. That’s why we asked executives from the leading ad-supported publishers to give us their playbook. See a catalog of each service’s audience, content offerings, advertising opportunities, and more. DOWNLOAD HERE
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