According to panelists at LinkedIn Connect, now is the time for marketers to muster the strategic courage to disrupt their marketing mix, facilitate the “speed of agility” and double down on bottom line success.
From global investment risks and trends to doubling down on long-term branding efforts and giving creative the right weight and value, there are many things marketers need to pay attention to.
With geopolitical tensions around the world, many of which predate the onset of the COVID-19 pandemic, the importance of keeping marketing spend under control during challenging times has never been clearer. However, getting there can be difficult.
In order to grow at the forefront, combined with the growing expectations of consumers who are becoming more socially conscious and stronger than ever to break through, your key suppliers and brands first and foremost understand well not only the regional economic situation. perspective but also global and macro understanding.
Economist Intelligence Unit (EIU) Chief Economist, keynote speaker and panelist Dr Simon Baptist kicked off the LinkedIn Connect event with a packed session discussing just that.
While localized supply chains are gaining momentum and confidence, he said there are many important challenges, headwinds and factors that will affect the business decisions companies make; “Everyone wants to reduce risk in their supply chain.
"There's a shift in boardrooms now where they're thinking about the balance between efficiency and sustainability in supply chains, and now there's a bit more focus on the sustainability side."
In addition to geopolitics between China and the U.S. that could see more companies as pawns in the current tensions, Baptiste said the era of very low interest rates is long over, making it more difficult for new companies. get more funding and the overall global picture "will continue to be quite weak".
Later at Baptist, he was a spokesperson and senior director of LinkedIn and APAC business team, Australia and New Zealand, marketing solutions and managing director, Matt Tindale, who said in light of consumer spending, showing the brand's marketing spend statistics during. A hectic, sometimes critical aspect is "non-stop" when it comes to investing in branding.
significant voting quota
Tyndale said that as a brand, especially in categories where buyers may not be in the market, it's all about "investing now for future growth." He said. “Voice sharing is critical to what we do as marketers and is also a key driver of increasing market share. In times of economic uncertainty, competitors often cut back, but if you can keep up, you can often gain more market share."
The formula for such coveted market share and ultimately growth is not a quick and easy achievement.
As old-school spray-and-pray marketing tactics decline and rely solely on media channels to achieve their goals, the importance of creative on executives' radars is steadily increasing.
Additionally, the role of the creative brain responsible for driving business results is no longer a simple game for B2C brands, as increasingly savvy B2B companies finally have the right to start calling the shots. . to creativity
LinkedIn B2B Institute Head of Partnerships Derek Yue emphasized during the Harnessing Creativity session that creativity is marketers' biggest opportunity to drive sales.
A LinkedIn B2B Institute analysis of over 600 B2B ads found that 71% of people don't feel the creative resonates on an emotional level, meaning most creatives aren't memorable or driving the bottom line for their brand.
The study found that most B2B ads used generic formulas like faceless voiceovers, stills, block text, didn't feature their logo until the end, and few had story arcs.
This opens up huge opportunities for B2B and proves that despite all the advances in advertising technology in recent years, if your creative isn't resonating with your audience, it doesn't matter.
Following the Harnessing Creativity session, the panel of experts discussed the 2022 Cannes Lions winners, the winning recipe for submissions and how marketers can continue to champion creativity in APAC and on the global stage.
From the first Creative B2B Grand Prix at the Cannes Lions, awarded to Wunderman Thompson for an AI-based tool developed for paint manufacturer Sherwin-Williams, to a yellow digital business campaign featuring New Zealand actress Robyn Malcolm, there were good examples to share. . .
As discussed in Performance Branding; Is APAC ready? sessions, this need for great creativity goes hand in hand with a good dose of strategic boldness and good change management. Change is especially necessary when it comes to moving off the marketing gas and into more of a branding tactic.
Despite the value of effective marketing and the ease with which it can be measured, speakers agreed that a healthy balance in brand building is becoming increasingly important.
growth is the goal
While preparing for future economic headwinds is important and getting the creative right is important, all marketing maneuvers should aim to grow the business. But could it be forgotten or lost in translation?
Marketing academician Mark Ritson thinks so. In the goal-growth session, Ritson said that while companies are united in their goals for growth, results on how much and how many companies are growing are surprisingly sparse.
The founder of the Marketing Week Mini MBA discussed what the post-pandemic world means for marketing and some fast and slow ways to inspire organizations to achieve better and more sustainable levels of growth.
He advised short- and long-term marketing to try to find the right balance, adding that "everyone has little investment in long-term brand building."
Encouraging the marketers in the room to be the exception, he explained how the long drives the short and the short drives the long;
Because most marketers underinvest in brands and end up earning less than they could, he explained how important it is to move away from 12-month or quarterly ROI and think big and long-term.
Ritson also said it's important to stop trying to measure branding success by dollar value, because just because you can't show the dollar value of a brand campaign over a year doesn't mean you won't.
Finally, he advised the audience to plan for uncertainty, review targeting, positioning and objectives, and try to secure a place on the price chart.
Learn more about all-weather marketing from the LinkedIn think tank, The B2B Institute here.
