The response of businesses to tough economies typically includes a cut in spending, and budgets, especially in what are considered non-essential services. This often includes the big world of marketing, especially digital marketing. There's a variety of reactions which typically include cutting spending, and reducing budgets. The effect is often reducing staff, cutting back on services, renegotiating contracts with marketing agencies, or finding a less expensive
marketing agency altogether.
I'm a copywriter and of course I know first-hand what the reactions are depending on the industry, and business or company. Part of the frustrating thing in my business is all of the advertising I get from digital marketing agencies who somehow are able to sell services I provide but at a much lower cost. I'm a free-market guy. I don't begrudge anyone's business model so long as it's up-front and honest. There's room for everyone.
When I go out to pitch business I come up against this competition all the time. That's ok. I don't believe in "a race to the bottom." But I do care about my clients and I want them to receive the best treatment I can offer, and take advantage of the finest opportunities they can afford based on their need.
Branding Accounts for 30% of a Company's Value
The Economist reports that branding accounts for more than 30% of a company’s stock market value on the S+P Index. In other words, a company's marketing efforts are an essential component to the economic health of a business. Cutting back on marketing can have a detrimental effect on a business, depending how it's done.
Marketing is a big and often confusing business, so how do you make the right decisions in cutting back expenses while having a minimum negative affect on a company's value? While it's true that marketing is an interoperable discipline, there are ways to "get more bang for your buck."
Market Research
Copywriters spend about 80% of their time in market research talking to company leadership, identifying likely customers and markets, how and where they can be found etc. We look at the vertical and identify competition and then build a buyer persona. Done right, it's a lot of work. It's the deceptive part of copywriting that often leaves people wondering why we charge so much to write just a few paragraphs.
Copywriters must know who they're writing about, and who they're addressing. That takes a lot of work. I recently quoted a rewrite of a company website. It was a good website overall but did need some tightening up and some focus. Fifty percent of my proposal for a modest rewrite, included market research. I included in my quote a modest day of interviews with the head of each practice group and the principals of the firm.
That's the most rewarding part of the job. I enjoy facilitating leaders, management, and associates which sometimes requires pulling them out of their "silos" and uniting them under one message.
Know Your Brand, Know Your Customer
The best way for a company to maximize their marketing budget is to develop internal processes that create a cohesive corporate culture and team environment that shuns the individualism of the silo effect. This allows someone like me to collect information I usually have to put assemble or gather myself in order write content that accurately reflects the company brand, product or service, using language that resonates with buyers or clients.
Artificial Intelligence
Investing in artificial intelligence for content isn't going to save much time or allow for a reduction in staff. My experience in using artificial intelligence is that it helps save time in writing content, but not as much as one would expect. For truly good copywriting, a good deal of time is spent entering the most accurate information possible that will allow AI to produce content reflective of the nature and purpose for which it is intended.
Because 80% of the work of a content writer is involved in research, it stands to note that AI really isn't going to save a tremendous amount of resources.
Relationships Over Subscriptions
Investing in solid relationships with a marketing team who know you and your business over a period of time are likely the most fruitful and effective marketing strategies worth investing in. Those worth their salt will invite accountability and transparency as a friend which fosters trust and professionalism.
Basil Damukaitis is a copywriter and the principal of Hubbard Street Marketing, a boutique agency who partners with digital marketing firms and direct clients in the commercial real estate, private equity, venture capital, and homebuilding markets.
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