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Tuesday, December 06, 2022

Three levers that brands must activate to weather the downturn and get stronger

In its latest report, BBVA Research Predicts an economic crisis in the first quarter of 2023 after several consecutive declines in GDP. In indicators, a slowdown in growth is expected next year, which will be at 1.8%.

In what sense, mediaocean, has conducted a study that analyzes the movements that brands typically make in times of recession, such as cutting spending, stopping hiring and postponing projects that don’t work. And others who should be encouraged to be strong against their competitors. In line with the above, various ideas have been pointed out on how to deal with this situation, and among them are the following:

fair use of data

First, it has been pointed out that it is necessary to use brands information To use the economic downturn as an opportunity to develop new, more agile and flexible ways of working that will change the way marketing budgets are spent and more accurately target consumers.

In addition, it is noted that the use of information Numbering campaigns allows you to drive changes to messages, reconsider the audience of a product or ad, or analyze where and how a product is marketed. And at the same time, it makes it possible to create an all-channel strategy that allows more resources to be allocated to the channels that work best.

invest in technology

For the data to be truly useful, an elaborate filtering and analysis process is needed. And for this it is important to leverage the potential of technology platforms that operate omnichannel and independently and that use artificial intelligence to quickly and effectively optimize campaign results.

Furthermore, it highlights that, although investing in times of recession may seem counterproductive, doing so in smart technology is something that benefits brands and improves people in organizations, because They will have tools that will help them do the work. With more efficiency and training.

Align Strategies Between CFO and CMO

Chief Financial Officers (CFOs) and Chief Marketing Officers (CMOs) must have an in-depth knowledge of each other’s functions so that they are aware of their challenges and concerns and work together to create campaigns that not only engage with their customers , but that they are successful and make an impact on the income statement.

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