In times of economic crises many brands’ first instance is to cut marketing budgets. Trying to save money short-term, they halt marketing spends and freeze or cut down budgets. In a survey published in March 2020 by Marketing Week, 60%of respondents said they were delaying or reviewing ad spend commitments for the rest of the year in light of the coronavirus pandemic.
While it seems like the next best solution in the short term to save money, historical precedents suggest that brands that thrive during and after a recession are those that sustain and even increase marketing spend.
Seize the opportunity to outshout the competition
Brands that maintain or increase spending do better during a recession because their relative share of voice (SOV) increases in comparison to their competitors who scale back investment, which in turn grows their share of market (SOM).
It can take brands up to five years to recover from budget-cutting during a recession.
With Christmas just around the corner in the business world, now is the right time to reach out to advertising experts and discuss how you can gain the most from investing in the right campaigns.
What is a media agency?
As a media agency we ensure advertisers get the most out their budgets and the best results for their campaigns. Our experts extensively research to define a client’s target audience at a fine-detail level, choose the right platforms, from outdoor advertising, video/TV production to pay-per-click digital campaigns. As the media buyer we negotiate price and placement of the ad on our clients’ behalf. Our team then constantly monitor and optimise campaigns to ensure maximum performance.
What are the benefits of using a media agency?
1. Saving time
Even with an existing marketing team, companies may not have the time to dedicate to planning a complex advertising campaign. A specialist agency will be able to do this quickly and to a high standard. They do it every day for a range of different clients and budgets. So know what will work best for your company.
Due to Covid-19 lockdown, we recently had to change the entire media strategy for one of our clients.
We had a selection of well picked out-of-home panels and billboards in key locations. But when lockdown was announced we had to re-evaluate the media booked.
Thankfully, we have long-lasting relationships with our suppliers. That meant they let us move the campaign forward to ensure the client did not lose out in any way. It was an easy process for the client. Forward & Thinking did all the chasing and liaising with suppliers. The client received a revised proposal once we had secured the changes.
Our client was delighted with our work! “Forward & Thinking have successfully deconstructed our briefs, carried a thorough appraisal of our target markets. They’ve taken aim at helping us achieve our recruitment and branding objectives with a relatively tight budget. Their knowledge of out-of-home/large format and digital platforms has helped us to consolidate and refine our marketing plan. This has, in turn, alleviated a lot of stresses of having to deal with multiple suppliers.”
2. Saving money
As an agency we have long-lasting relationships with media owners and suppliers. Our team are highly skilled in negotiating the very best rates and discounts for your campaign.
3. Expertise
You might have a marketing team. But it sometimes isn’t viable to have an in-house expert for every single area of advertising. By working with an agency, you can decide to partner with a specialist in a particular area. They’ll also be able to identify the right media mix for your brand. In order to create the greatest impact on your target audience. Agencies often have a lot experience of the industries of their clients, too. So they really can become an extension of your team.
4. Access to the latest products and services
Agencies are regularly asked to trial new products and services . Even before they are available to other businesses, which means you get to trial it early too! A good agency will also be constantly on the lookout for the latest innovations in advertising services. And will offer them to their clients to help them stay ahead of their competitors.
5. Outside perspective
Sometimes it’s just good to have an outside, unbiased opinion from someone that isn’t emotionally connected to your brand. It can be great for bringing fresh ideas and helping you to consider a new advertising mix.
6. Delivering results
We recently worked for retail clients. The purpose of this campaign was to increase traffic to its website and drive increased purchase intent from the visitors. Our goal was to significantly increase the ROI for the budget spent. Following our data-led planning process, Forward & Thinking developed a detailed Google Search Network plan. We used our extensive keyword data bank and targeted key audiences across the UK.
The client was absolutely delighted with the successful results! They had a staggering 22% increase in total sales. 30% increase in online store conversion rate and 4% increase in the amount of returning customers. Overall, Forward & Thinking were able to deliver our client an ROI of 5.7.
At Forward & Thinking we promise to deliver all these benefits to every client that partners with us. We have built a strong reputation not just in Yorkshire but across the UK. This is for our expertise in media buying and digital advertising services. So, if you’re considering working with an advertising agency get in touch, we’d love to work with you.
