To spend or not to spend

But to spend or not to spend, as we rapidly approach the end of the financial year?

And if so, where to inject those hard-earned dollars in the flurry of an economic recovery?

How has consumer behaviour changed since COVID-19?

According to a recent report by McKinsey.com, consumer behaviour has changed markedly in six key ways since covid-19.

These include the way people shop; the adoption of e-services; home becoming a multifunctional hub; greater emphasis on local community; increased focus on health; and holding brands to account.

“A recent US survey showed 41 per cent of brands have decreased broadcast TV advertising. However, many are taking advantage of the increased consumer traffic online: a US study at the end of March showed 48 per cent increasing their advertising spend on Facebook, and 37 per cent on Google,” Source: Sydney Business Insights 

The importance of print

At Worldwide, we believe the “brave new world” in which all businesses are now re-entering enables print and digital to comfortably coexist. And that marketing spend should be injected into both.

Earlier this year, we highlighted the importance of print, following the digital fatigue of 2020. All of a sudden, direct mail was making a comeback, with our insights revealing that customers were far more likely to digest a campaign which had landed in their letter box, than in their already groaning inboxes.

Equally, digital has adopted a new importance through innovative software trends such as our Online Product Management Software. While the term “pivot” might seem pithy and overused, history has shown us time and time again that companies which shift their strategy in times of trauma, are companies which survive and thrive.

“In World War II, many brands such as General Motors, Coca-Cola and Hershey quickly rallied behind the war effort, extending their businesses’ production and distribution capabilities, which meant they were well positioned to expand globally at the end of the war,” Source: Sydney Business Insights

Contemporary brands are aware that digital and print media has rapidly changed and contracted. This has created a more competitive landscape when it comes to chasing eyeballs.

Emerging from the cloud of COVID-19, Australia and New Zealand are among the top 10 countries globally when it comes to total media ad spend growth, according to e-marketer.

5 key marketing pillars to consider going forward include:

• Technology – everything from automation to the back end of a website
• PR – a strong channel for building brand awareness and credibility
• Digital – a great strategy for growth, conversion and lead generation
• Content – the “fuel” you feed technology through stories and messaging
• Communication – the “hub”  and heart beat for all five pillars and brands

Just as Shakespeare’s play Hamlet finishes with a dramatic duel during which the King, Queen, Hamlet’s opponent and Hamlet himself are killed, post pandemic marketing will require companies to sharpen their swords and adapt and evolve.

Savvy companies will toss off the turmoil of 2020 and revisit their main marketing objectives and key performance indicators. While we are “all in this together”, your recovery strategy may not be the same as the next organisation.

Consider your strengths and weaknesses; ask what your business is attempting to achieve; look at where you are currently positioned; examine new opportunities and be creative; and identify your resources.

Turns out to spend or not to spend is not really the question after all. But more a matter of how to spend those valuable advertising dollars in the midst of a gargantuan recovery. And the time to consider that is now. Contact our friendly Worldwide Centres for advice on where to spend your tax dollars, whether it be technology, graphic design or ask about our end of financial year checklist for printing services.