When times are tough, marketers and ad agencies encourage their clients not to cut back on advertising or marketing spend. But actually, you can.
Now, I am not for a minute saying that those who encourage clients not to cut back on their spend are wrong. The thing is that unless you are far more efficient than is the norm in South Africa, you can easily cut back your spend in tough times.
Quite simply, the results of marketing audits I have done over the years show that roughly 30 percent of all marketing and advertising spend in this country is completely and utterly wasted.
So it seems to me, that the average South African company can happily cut back on its ad and marketing budgets by a third.
But, and that’s a big BUT, you have to be careful about which 30 percent you cut.
If you cut that 30 percent that is completely wasted and just leave the 70 percent that is working, you will have saved a ton of money without affecting your marketing performance on advertising return on investment.
The first step in all this, of course, is to conduct a fairly simple and straightforward marketing audit to identify the deadwood in your budget.
Apart from being a corporate marketing analyst, advisor and media commentator, Chris Moerdyk is a former chairman of Bizcommunity. He was head of strategic planning and public affairs for BMW South Africa and spent 16 years in the creative and client service departments of ad agencies, ending up as resident director of Lindsay Smithers-FCB in KwaZulu-Natal. Email Chris on and follow him on Twitter at @chrismoerdyk.
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So, what you are saying is that when companies are budget-challenged in an economic slump it should be identified as a perfect opportunity to put the brakes on and streamline their advertising spend to be more focused and effective? This of course should be the case under normal circumstances anyway, but I suppose people get so caught up with daily business activity that they never stop to assess the effectiveness and relevance of their Marketing efforts on a systematic basis. Its a case of the woods and the trees I guess.