By Michelle Edelman, president @NYCA
We recently conducted a survey among top US marketers. We wanted to know how they were faring as the Great Recession drags on.
We’ve witness declining media spends and our sample of $100+ million companies was no exception. 58% had reduced media expenditures and 79% had slashed their production budgets too. 19% of our sample reported significant change in their marketing strategies as a result of the economy. 69% of these top marketers were experimenting with new ways to get their messages out and sway consumers.
In short, it’s tough out there – getting tougher – and there’s a need for change in the air.
You would think agency partnerships would be more mission-critical than ever. Agencies can help their clients change paths quickly, and deliver alternate media solutions. As third party experts, we live and breathe this stuff all day every day, across industries and see different successes across different companies.
But only 1/3 of companies reported that they viewed their agencies as collaborators in this dollar-shift, dollar-shrinking challenge. 2 out of 3 marketers said they would hand the changes down to the agencies to execute.
If you’re one of those 2 out of 3 – try your agency out. Put them in brainstormings to see if they can bring creative ways to help you through. If not, drop us a line and we’ll send you 5 ideas next week. Sometimes our solutions sound rather weird for a creative shop – like improving the efficiency of a process so it costs less. As creative entrepreneurs, this is business as usual for us – not just recession talk.