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We have run a successful 12 yr Radio Campaigne. When do I allow branding to reduce frequency cost.
We have absolutely weathered the storm these past years, but now I wish to concentrate on reducing some of my marketing costs. Our brand is strong in our community. Would it give the wrong message to reduce my frequency on the radio or would "they" really notice? How do I know when to do this strategically?
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You are very knowledgable and I thank you for your detailed answer. I agree with what you said and in fact, believe we are doing the right activities with reguards to tracking the efficiency of each of our marketing endeavors. As a result, some campaignes are pulled while others continue to flourish.
I suppose the revamp of the question has much to do with not necessarily reducing my marketing budget, as it does with knowing when certain areas should be reduced while others increased. In our case, radio continues to be our most effective medium. That being the case, when do we know when it is time to reduce radio costs and spend more towards other marketing endeavours, all in the spirit of increasing our reach?
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Hi Jeff,
This is an interesting question. With regards to marketing costs, rather than reducing them it may be worth making an increase instead!
Bear with me and you'll see what I'm getting at...
In the UK over the past 18 months or so, a lot of clients were referred to me reporting that they were finding the economic climate very tough. Quite often when I'd meet with them they'd tell me that they had reduced their marketing spend. I'd ask "Why did you do that?" and sometimes I'd be given a look that would imply that the client was wondering if I had any idea what I was talking about ;-)
In the case of virtually all of these businesses they didn't have a formal marketing strategy in place and no way of measuring exactly how effective (or not) their marketing efforts were. As things had become tough they just cut the marketing spend right across the range of activities invariably cutting funding to some activities which may have been generating more in sales than they were costing to execute.
If you work to a formal marketing strategy and have metrics wrapped around your activities I'd suggest that you look at those activities which aren't generating sufficient revenue and perhaps cut those. Rather than just put the cash back into the bank account however I'd suggest using that cash to further fund those activities that are providing a good return on your investment.
If you don't have measures in place currently I'd suggest not making any changes at this stage until you have put metrics around all of your marketing activities and sufficient time has elapsed to allow you to obtain at least a small amount of data. Doing this will enable you to confidently make some strategic decisions regarding your marketing going forward.
I hope this helps and wish you the best of luck!
Andy.