{"id":2012,"date":"2022-11-24T04:50:09","date_gmt":"2022-11-24T04:50:09","guid":{"rendered":"https:\/\/nayamode.com\/?p=2012"},"modified":"2023-12-15T19:21:36","modified_gmt":"2023-12-15T19:21:36","slug":"do-more-with-less","status":"publish","type":"post","link":"https:\/\/nayamode.com\/blog\/do-more-with-less\/","title":{"rendered":"Do More with Less"},"content":{"rendered":"\r\n<p>Well, it was inevitable. The seemingly endless climb of all things tech over the last decade and more (putting aside the temporary blip caused by Covid in its initial phase) has finally come to an end. Lofty valuations crushed, growth rates clipped and more sober expectations around forecasts and what funding is available to achieve those.<\/p>\r\n<p>As happens during every downturn, there is intense pressure on budgets, especially marketing spending since its impact is often the hardest to prove in definitive terms. The diktat handed on down from the CxO suite is \u201cdo more with less\u201d, which loosely translated is, \u201cyou still need to achieve the original goals we gave you but we\u2019re taking away some of your budget\u201d.<\/p>\r\n<p>What\u2019s the average marketer to do?<\/p>\r\n<p>We have a few suggestions based on our own experiences as marketers, agency people and also what we see our customers doing in such situations.<\/p>\r\n<ol>\r\n<li>Yes, freeze new headcount \u2013 this is the easiest and often lowest human impact move since you\u2019re only not hiring against open positions. No existing employee is impacted, except perhaps that your team may need to continue to push hard.<\/li>\r\n<li>Get super focused on what programs and activities are driving measurable impact. No CxO is opposed to positive ROI in general so if you can gather the data to prove that what you\u2019re doing is adding more (topline, bottomline) than it costs, odds are that you\u2019ll get the requisite approval.<\/li>\r\n<li>Take a hard look at how your marketing budget is split up, building on above point and see what the breakout is between significant line items such as:\r\n<ul>\r\n<li>Performance advertising\/campaigns<\/li>\r\n<li>Events and conferences \u2013 internal or external<\/li>\r\n<li>Content development<\/li>\r\n<li>Digital asset creation and campaigns<\/li>\r\n<li>Re-branding and related efforts<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ol>\r\n<p>Some criteria to measure these against.<\/p>\r\n<ul>\r\n<li>Timeline of expected results \u2013 are you spending on something that will deliver this quarter or the next. If not, it can perhaps wait.<\/li>\r\n<li>Stage of customer journey &#8211; Is this a high-level awareness building effort or does it do something further down the customer journey. If the latter and closer to closing a sale, it\u2019s money well spent. If earlier in the journey, it may need to be postponed. Note \u2013 we\u2019re big believers in building brands and awareness so this is said purely in the context of when you have to make difficult trade-offs.<\/li>\r\n<li>Scale \u2013 If your team has the bandwidth to manage them, it\u2019s ok to let them run with a couple of smaller $ programs. Focus is great at times like this, but also important to keep morale high and not snuff out any creativity in your team which takes the form of innovative ideas or campaigns.<\/li>\r\n<li>Find agency partners who are hungry, flexible and in it for the long run. Don\u2019t be afraid to ask them to collaborate with you and share some of the pain in the near term (discounts, etc.) but remember that they need to remain viable as well so be receptive to the idea of more persistent contracts and ability to recover rates over time. Does your agency have a model that lends itself to cost reductions \u2013 e.g. are they hybrid in location and between FTE and freelancers? Are they bloated with fancy offices and high rents which you are indirectly paying for of course. Do they charge you for their time or for actually delivering results?<\/li>\r\n<\/ul>\r\n<p>Unless you\u2019re relatively new to the workforce, we\u2019re guessing you\u2019ve been here before and have a sense for how to navigate these choppy waters. We hope the suggestions above are helpful in creating a framework for how to think about how best to optimize your budgets.<\/p>\r\n<p>And yes, if you\u2019re looking for an agency partner that meets the criteria laid out above, we\u2019re here to help!<\/p>\r\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":5365,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31,57,110,47],"tags":[],"class_list":["post-2012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-cut-costs","category-marketing","category-strategy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Do More with Less - Nayamode | Bluewave - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nayamode.com\/blog\/do-more-with-less\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do More with Less - 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