Recession brings a decline in consumption and with this comes the challenge of how a company should spend its marketing budget in order to maximize sales. This issue and other related topics were discussed by 30 local marketing managers, CEOs and other decision makers as well as media specialists at the BR Roundtable on marketing and strategic decision making, organized by BR last week.
Faced with fiercer competition due to the shrinking budgets of thrifty consumers, companies had to adapt their marketing strategies to a new environment. This generated a shift in how budgets were split between the various media channels with TV getting a larger share, an average of 67 percent, against previous years. Thought to have the largest impact, costly large-scale TV campaigns proved to be the panic button for many companies, while the internet languished in an undeserved last position, said participants. Locally, the internet is still generally perceived as new and small, and its benefits often overlooked.
While there is no perfect recipe, media specialists argue that as media consumption is constantly changing so should a company’s marketing strategy.