Marketing Innovation Advantages for Any Economy

Josh GordonDownturns in the economy can be scary for many different companies for many different reasons. Corporate fear of economic conditions manifests itself in myriad ways throughout an organization. However, the marketing department - and the marketing budget - is often hit first and hardest. Despite improvements in some key economic indicators, marketers often must find ways to do more marketing with less resources, whether the lessening of resources comes in the form of personnel or budget - or both.

Forrester Research’s Vice President and Principle Analyst, Shar VanBoskirk, sees the uncertain economy as a prime opportunity to overcome what she terms as marketer’s “common aversion toward innovation” in her new report entitled, “Accessible Innovation (subscription or purchase required).”

VanBoskirk reinforces the notion that all good marketers live by – the idea that marketers should be the driving force behind innovation in any organization. Opportunities to drive innovation are especially prevalent in the digital space.

The best example of a marketing channel innovation right now is mobile marketing (in case you missed mobile expert Bryce Marshall’s three part series entitled Making Sense of Mobile, you can check it out here). The board room inclination to use direct digital marketing communications solely for conversions is the surest way for the CMO to protect their tenuous position. However, using mobile technology to invest in loyalty programs that improve not just the consumer experience but also the consumer perception are valuable and well worth the investment. When the economy improves – and there are indications that it is beginning to – the consumers that have strong brand perception will help revive sales.

Mobile marketing programs are cost effective and simple to begin. Leverging the technology and the personal nature of the communications channel, is a great way to improve consumer engagement right now. The better a consumer’s perception of a brand when the economy is down, the more likely that brand is to be in the consideration set when the economy improves and the padlock comes off the wallet.

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