Marketing budgets to reduce?

Will marketing budgets reduce? – Perhaps, but mainly because printing costs for all traditional mass marketing from TV & radio commercials, magazine ads to flyers, leaflets, brochures and catalogues are being phases out or replaced by cheaper, cleverer and more acutely focused social media marketing ‘tools’. Reduced costs in these traditional methods should by default, be reflected with increased costs in the ‘new tactics of marketing’. Companies and brands will have to commit increasing amounts of time (money) as well as innovating what they do as they constantly compete to engage with and build on their online customer audience / fan base.

Absolutely Phil. Think that’s what I’m trying to say. You may not be paying out in cash, blind to the return on investment but you will be spending more individual time making those key connecting, developing relationships and sharing information!

Its the old cash versus time thing! Your point about innovation is interesting. Time investment again but traditional marketing can’t buy our way or excuse us of not being innovative anymore.

Thanks for the comment, much appreciated!

The more I think about it, the tone from the general conversations I’m reading across the internet, seem more focused on the shift from traditional marketing to polarising businesses using new social media enabled methods. Perhaps it’s too early to say, but little is said about innovating beyond the handful of services/methods currently being employed. Doesn’t it seem likely that as the worlds brands tap into, even flood the social media and as you put it “the mass market gets used to using these new tools”. Unless Brands are truly prepared to innovate and stand out as they engage with an audience, will they run the risk of being caught in a social media tide? Especially as increasingly what is brand new and useful today, could well become ineffective and obsolete tomorrow?

Fabulous point…there is something troubling me about social media at the moment. Forgive me, its not too apparent yet and perhaps you have highlighted what it is???? :/

I think we are thinking too much about the tools/technology and not enough about it strategically. Typical for small businesses who often look at marketing in a piecemeal way and I am concerned we will see social media in won’t be any different. We need to think more about the relationships it creates and develops, in fact, I think thats more important…..along with that comes innovation, and collaborating to create new ideas. Thats what makes you distinctive, not Twitter itself!

…..I feel another blog coming on. Thanks!

hmmm – been thinking on the dialogue here. The key for me that unlocks all of this is: authenticity. When this runs through your entire brand, you and all your people are passionate and energised = your distinctiveness shines through. Yes, you can get lost in the social media tide, however let’s think for a moment about what makes people different – how do we notice people in the crowd? We notice an expression of genuine character even if we don’t necessarily agree with what we see, hear, feel or touch. Branding professionals and tools need to orientate around how to express genuine character…and I have some ideas how!

Like it Karin! We need to talk about those ideas!

Hey Ann,

A really good subject and discussion.

Your point ‘I think we are thinking too much about the tools/technology and not enough about it strategically’ is very true. I’ve been having this discussion with filmmakers, writers, photographers and other creative people a lot recently.

There are exciting things happening within all these areas and, as far as indie film is concerned, marketing budgets have always been very low. Now, the no, or low budget marketing available for creative entrepreneurs means that engagement/connection with customers i.e. people who are going to watch the movie, is on an unprecedented scale.

I share your concerns though, too. I’d go as far to say that one of the dichotomies of social media marketing is that many businesses (and by businesses I also include individuals/artists) are only connecting with people in their field. This, of course, is helpful in terms of collaboration, but pointless when trying to promote a product or service to the end user. That requires a fundamentally different approach.

I’d go as far as to say that the problems are deeper still; insomuch that the marketing plans are way too sketchy at best for way too many people, and at worst, non-existent.

Karin’s point regarding authenticity is key and very well made. And Phil’s comment ‘Especially as increasingly what is brand new and useful today, could well become ineffective and obsolete tomorrow?’ is poignant. We can’t stand still. By the time some people catch up – it’ll be too late. What’s the Twitter of tomorrow going to look like?

Can people market effectively within SM? There will always be those who do it better. They’re the ones who will succeed.

And, it can be as cheap as chips to boot!

Best wishes

Great post Luke and thanks for contributing to the discussion. Tom Peters tweeted the other night that the only people truly connecting on Twitter were within the social media sphere and that all we tweeted about was social media. I think he and you have made a great point.

Perhaps because its not been adopted by the masses is the reason why we haven’t seen a different approach yet! People can market effectively within SM but perhaps they are going to need help, which may contradict the fact marketing budgets will reduce!

Clay Shirky says something quite interesting though “Revolution doesn’t happen when society adopts new technologies – it happens when society adopts new behaviours.” I think that’s a big point!