Rethink multichannel strategies and focus on channels with better reach to drive conversions cost-effectively.
This article notes common pitfalls CMOs and marketing leaders should avoid in 2020, as marketing budgets are restricted this year. As per Gartner’s survey, due to COVID-19, 59% of CMOs expect an in-year budget cut of at least 15% this year.
With marketing costs being variable and including mixed-term commitments, CMOs should avoid “blanket cuts”. Marketing leaders must believe marketing investments are resource “bundles” with value and prioritise those investments with the highest ROIs while decreasing spends for the lowest ones.
Optimising measurement for innovation value, rather than halting investments could help companies achieve efficient growth and outperform competitors amid crises. Having an effective cost-optimisation strategy in the marketing arsenal can help brands avoid errors and enhance their value-based marketing.
[5 minute read]