The first quarter was a mixed bag for marketers. Advertising expenses increased in January and FebruaryBut as companies tightened advertising spending, many tech and retail companies suffered layoffs. IBM, tick tockand Google Everyone cut their marketing and advertising teams. For revenue calls, Nike Financial Officer The company said it was planning a “subdued macro outlook”. paramount He mentioned the “slump in the global advertising market.''
For marketers, this evokes the familiar feeling of needing to do more with less. So how can marketers actually implement low-cost, high-return strategies?
1. Invest in AI
IBM cuts marketing and communications jobs March. This was announced after IBM CEO Arvind Krishna said the company was “significantly increasing the skills of our entire workforce.” A.I.” According to CNBC.
Adobe is another company that is encouraging the use of generative AI in marketing. During the Q1 2024 earnings call, Digital Media President David Wadhwani said the company uses AI to “imagine, ideate, create and distribute content” across all channels.
and Procter & Gamble said AI With a focus on using AI to improve marketing productivity, the tools are delivering savings of $200 to $300.
remove: AI can help marketers devise and deliver ads and improve the performance of efficient teams. But before that happens, Marketers need to focus on improving their skills.
2. Consider lower-funnel strategies
Marketers with tight budgets need to prove their campaigns work. Lower-funnel campaigns can help improve performance.
“We look at the advertising industry as a whole. [that] Pinterest CEO Bill Ready said on an earnings call that through partnerships with Google and Amazon, the company is “driving more performance to advertisers than ever before.”
During the company's Q2 2024 earnings call, CEO Matt Baer said Stitch Fix invested in top-of-funnel and mid-funnel strategies to increase traffic. This includes his 'Stitch Fix'.style prediction” provided style inspiration to potential customers. But Baer said the company “has an opportunity to improve its current customer conversion levels, which do not meet expectations.”
remove: In tough situations, investing in ad spend closer to the conversion point can help marketers demonstrate ROI. Make sure this advertising spend doesn't come at the expense of your brand identity.
3. Consider niche creators
Influencer and creator marketing It's a powerful way to get in front of consumers without overspending on advertising.
On Instagram, nano influencerCreators with fewer than 10,000 followers may actually be more effective than larger creators. According to data shared exclusively with EMarketer by KPI partner Captiv8, as an influencer's Instagram follower count increases, engagement rates tend to decline.
remove: Focus on niche Instagram creators as an effective way to spend your marketing budget. Our costs are lower than the big players, and the rewards are strong.
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