In the normal world, brands are buzzing, vying for your attention – constantly. But, as the world becomes quieter, less noise means that – admittedly with some investment – your voice gets louder, without the need to shout above everyone else.
We spotted the campaign running in the FT, which has partnered with the IPA and Eff Works; the former, the Institute of Advertising Practitioners, a professional membership body of UK advertising agencies and the latter, an organisation that ensures any marketing and advertising is evidence-based and accountable. Altogether, these three organisations represent a cross-industry marketing effective initiative. Sure, they have a vested interest. They want clients money – but the reality is, their campaign makes perfect sense, particularly as we’re all swimming in these unchartered waters.
One of their research papers particularly stood out to us. When others go quiet, your voice gets louder covers ways in which effective advertising during a recession is a sure-fire way to success on the other side of it.
One other caveat. To avoid confusion, we’re not an ad agency. Our focus at Lee Peck Media is PR, social media and events. But the reality we’re all about giving our clients a voice and helping them be part of the conversation – so much of what they’re saying applies to our world too.
The report gives three strong messages:
- Advertising in a recession can help firms recover
- Increasing profile does not mean increasing spend
- Cutting budget can actually harm recovery
But, there’s a problem. Marketing spends are currently at an all-time low.
According to the IPA’s Bellwether report published on 22 April (Source), UK marketing budgets during Q1 2020 were at their steepest decline since the global financial crisis of 2009 as global health and safety measures have forced the economy to a grinding halt.
However, the IPA argue that cutting marketing spend during a recession can actually harm future growth. According to data gathered during the economic slump in 2001 and recession of 2009, businesses investing in Extra Share of Voice (ESV) during that period grew faster post-recession than those who didn’t.
The great thing is, you don’t have to increase your spend in order to invest in ESV. As the world gets quieter, your voice will get louder. Maintaining or trimming budgets while others make significant cuts will actually pay you dividends in the future – quite literally!
You can read more from the IPA’s report here: https://ipa.co.uk/media/8674/0116_ftresearch_voicegetslouder.pdf
If you’re interested in increasing your share of voice through the media, as well as ways you can raise your profile during the quieter times to reap future rewards, contact Lee Peck Media to see how we can help.