Revisiting Your Marketing Mix
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- TV consumption is up by 30% while TV advertising costs are down 50% - According to ComScore family & education app usage 290% and desktop usage is up 30% - You can win significant share of voice if you keep advertising in a recession - Social media only up 12% but instant messaging is up 49% - Previously 40% of marketing spend was on events, of that budget around 50% is still being spent mostly on digital
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Revisiting Your Marketing Mix
- 1. & In This Together Series “Revisiting your marketing mix” Nicola Anderson - CMO @ MyTutor Paul Cash - Founder @ Rooster Punk Tom Lucas - Partner @ Squadron Venture Media hello@salesimpactacademy.co.uk Marketing Teams Webinar will be live at 4pm UK Time presents
- 2. Q1 What’s the impact of Covid-19 on media consumption and marketing channels?
- 3. Overall Media Consumption Trends + 30% + 10-15% - 60-80% - TBC% - 100%+ 20-30% Sources: BARB, Google Location data, Global / Bauer Radio, Vodafone & TalkTalk traffic estimates
- 4. Online winners and losers
- 6. Q2 How should marketeers review and address this - both with media and messaging.
- 7. Is There An Opportunity to Grow Share of Voice and Market Share? Source: Ebiquity Viewpoint 2020
- 9. Q3 Is this a time for brand building vs lead generation?
- 12. Q4 What about events? With cancellations what does this mean for the spend?
- 13. B2B marketers state that not only do face to face events, trade shows and exhibitions take up 40% of their marketing budget, but it’s also the most effective channel for lead generation. How does the Corona pandemic change things?
- 16. Q5 How much effort should be put into short term tactics vs mid and long term strategies?
- 19. Q6 Any examples of brands who have adapted well - and not so well?
- 22. www.saveourstartups.co.uk In this strange and anxious time, we are seeing many examples of companies that are focused on delivering value to their communities. Facebook, for example, announced a $100 million dollar program to support small businesses in 30 countries last week. Microsoft Teams and Google Hangouts, among many other digital services, are being offered for free.
- 24. Q & A
Editor's Notes
- Thanks Siofra. Hello everyone, I’m Nicola, CMO at MyTutor and marketing coach at Sales Impact Academy. Welcome to the second marketing webinar for the In this together series. Following on from our session last week on showing empathy in your messaging, today we’re going to be discussing revisiting your marketing mix. And for those of you that missed last week’s webinar it is available on youtube - Siofra has shared the link in the chat box. Events have been cancelled, remote working makes direct mail campaigns complicated and should we even be spending money on marketing during this period. Well today I’m delighted to be joined again by Paul and Tom For those of you that haven’t met them before - Paul Cash, live again from his garage is the founder of the award winning storytelling agency Rooster Punk. And Tom Lucas is a partner of Squadron Media - the go to ad agency for all startups and scale ups. Thank you both for joining us today.
- So to kick off the discussion I’m keen to understand the impact of Covid-19 on media consumption and marketing channels. For those of you listening I’d love you to share in chat how its impacted your marketing spend. And Tom - as the media buyer do you have any insights you can share.
- TV - BARB OOH - Google location data Radio - Globaland Bauer listening figures Internet - Talk Talk and Vodafone traffic estimates Tom to do overview on changing media consumption Do we know if consumption has changed desktop vs mobile
- Only people advertising OOH government and thank you messages 6 sheet poster £150 - £180 now £30 Questions to Tom: - Is it worth buying at this price? Any new packages that media buyers are offering?
- Really interesting to see that social networking has only increased by 12% vs instant messaging 49%?
- Reconsider media channels. Digital channels - FB cpm - competition decreased. Categories dropping out Should we reduce our marketing spend?
- Typically, companies that sustain investment during a recession do better relative to competitors during the period of recession and grow more quickly once the recession is over. Figure 5. shows that those brands that cut ad spend see their market share shrink once a recession is over, typically by around 0.7%. Those that maintain spend are the benchmark, while those that increase spend when times are toughest enjoy an increase in market share of 1.6%. 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). And they do better once the recession is over because they can sustain both increased SOV and SOM, which are strongly related. It can take brands up to five years to recover from budget-cutting during a recession.8 What’s more, bigger brands with a large market share can sustain this with a lower SOV relative to smaller competitors.9 7 Source: PIMS – the Profit Impact Marketing Strategy database, https://bit.ly/2xws8p5 8 Peter Field (2008), “Marketing in a downturn: lessons from the past”, Market Leader Issue 42, https://bit.ly/3bw8zMm https://bit. 9 Professor John Philip Jones (2001), The Ultimate Secrets of Advertising, SAGE Publications, Thousand Oaks, CA
- Investing in longevity of business. Paul talks about data from Binet and Field - 5 principles - share of voice Opportunity for brand building How Tom has used that in the past.
- Social networking only 12% More self conscious about What about share of voice? Increase your share of voice vs share of market - investment in advertising - 10% increase share of voice = 0.7% market share Is this an opportunity for business brands to use advertising
- Exhibition and events is biggest spend. Where
- Redeploy into content - top of funnel. Different sales cycles focus on top of funnels and just that brand recognition and awareness Spending events
- Upskill, sort out tech stack, ABM, infrastructure, remove gating from content? Talk about balance brand vs lead generation
- Upskill, sort out tech stack, ABM, infrastructure, remove gating from content? Principles of good planning still apply. Top B2B spend 54% on lead gen and 46% on brand - out of sync Paul think about principes bran
- Unilever has committed €100m to curtail the spread of coronavirus through the donation of soap, sanitizer, bleach and food to help protect the lives and livelihoods of consumers, suppliers and its workforce. Moreover, they are offering €500m of cash flow relief through early payment to small and medium-sized suppliers and extended credit lines for small-scale retail customers.
- BUMBLE: The social networking app is asking its users to nominate local small businesses in need. As the UK goes into lockdown, with only ‘essential’ services allowed to remain open, small businesses are taking a hard hit. This is why social networking app Bumble has decided to give 150 grants of up to £5,000 to small businesses as part of its global initiative: The Bumble Community Grant. Time Out has temporarily rebranded itself as Time In Magazine and has stopped printing its free editions of the magazine for London, whilst launching an e-version alongside its digital output. Time In will promote gigs, theatre productions and art exhibitions that are available for people to stream for free. Time In have said that the title will ‘only go digital for now’ and that ‘once the city bounces back, the magazine will return’.