The third part of Team Namibia’s Marketing Budget Trends Survey Results shows that the result of cost cutting measures may have led to more marketing activities being carried out in-house as opposed to having these outsourced.
It says that 49% of respondents totally agreed (30%) and agreed (19%) with this statement, although 31% of the respondents were unsure.
Based on the survey conducted by Team Namibia, in terms of marketing activities, respondents have cut travel costs and are running less promotions.
Many of the respondents said that they spend less on advertising in the print media, or radio or on television.
Budgets had been cut for billboard activities while fewer pamphlets and other marketing material is being printed, Team Namibia reveals.
“This can have the implication for in-house teams being overstretched and external agencies not being optimally engaged. This is essentially a loss of creativity and specialised skills, the loss of an external perspective, which is very valuable if marketing is to stimulate awareness and sales,” says Bärbel Kirchner, account director of Team Namibia.
Current economic times have forced businesses to look at alternatives. Of the responding businesses, the majority are making greater use of the Internet and refer to” e-mail marketing”, “digital marketing”, “online marketing”, “blogging, “social media” and “Facebooking”, and “promotions on social media platforms”.
“Perhaps we need to really place more emphasis on public relations and getting ones message out there. A lot of businesses look at various new media platforms. Ideally, it should be a question on focusing on the development of the suitable content to secure more return for your effort. That means, instead of focusing only on social media, it might be better to focus on “content marketing” and provide content for all platforms; including traditional media, which still remains very relevant in Namibia,” Kirchner says.
“In fact, many businesses now focus on “social media”. It is important to recognise that this approach needs to be seen holistically. Getting one’s message across and competing with a plethora of different messages becomes extremely difficult. Here, the key is relevance and quality of your content, in order to be able to make the necessary impact. The creation of content becomes extremely important and needs to be strategically conducted to ensure an effective return.”
Several respondents highlighted the “human factor” and refer to “face-to-face”, “door-to-door”; “one-to-one” marketing; and the need to maintain and to create “good relationship with customers”.
This is particularly relevant when customers might want to have products or services tailored and adjusted to their changing needs in line with financial pressures they are experiencing, says team Namibia.
“According to Quelch (2008), in “How to Market in a Recession” article, it becomes even more important to know your customers; to maintain marketing spending; and to adjust product offerings in line with customers’ needs; and indeed to focus on family values.
Team Namibia believes that changes comes from action and that our strength lies in what we achieve together as a team, hence our underlying principle – collaboration, together for a brighter future!” she explains.