In his column this month, Jonathan Chambers from Generation Media examines the outlook for 2023 and how to achieve marketing success in tough times.
Jonathan reflects on how since the global outbreak of Covid early 2020, the industry has been subject to unprecedented change and hoped for a more optimistic 2022, which didn’t quite happen. Having launched Generation Media during the last global recession, Jonathan tells us that such periods can provide great opportunity, especially when it comes to marketing and gaining advantage over your competition.
He says that in terms of Share of Voice (SOV) it is important to use efficient media, and it is worth focusing on in the modern multimedia landscape where new opportunities appear on an almost daily basis, explaining how to exploit opportunities on digital platforms such as YouTube.
“Our advice would be to use 2023 to consolidate media spends in low cost, advantageous routes wherever possible and explore exciting new opportunities, but not at the expense of tried and trusted platforms,” Jonathan says.
The article discusses different ways of reducing risk through thorough research, by investing in bespoke methods and using audience insights, also testing creatives either through consumer research, or lower cost A/B testing on social media.
In the multimedia landscape, Jonathan tells us that effective creativity can take many forms beyond simply creating the most emotionally engaging ad. Successful marketing campaigns require multiple touchpoints; whether on Broadcast TV, Connected TV or Digital platforms, the best selections will encourage target audiences to spend extended periods of time engaging with brands.
Promoting the brand has the power to reduce price sensitivity, and in 2023 this will be more critical than ever; even though it may be tempting to use price promotion to create short term uplift, marketers should remember to maximise return on investment but not at the expense of larger scale profit, and must focus on utilising promotions effectively.
To read the full article, which featured in the January edition of Toy World, click here
