UK friends—did you see this?
The UK government is encouraging businesses to reduce their marketing spend and instead reallocate that money into cutting prices for consumers. Ironically, they’ll be launching a tax-funded marketing campaign to do it (I wonder what agency they’ll be using to produce it!), and encouraging businesses to add the campaign to their own marketing.
“A government source told the BBC no additional funding will be provided to help brands slash prices. The plans have been branded a ‘slap in the face’ for SMEs, with the Federation of Small Businesses telling the BBC the notion struggling firms can ‘soak up’ the additional costs ‘isn’t realistic’.”
Have you heard anything about this yet? Are any of your clients already withdrawing their marketing spend at all?
(hat tip to @paul1 for the heads up!)
[Resists the urge to get political]
We (marketers) all know that reducing marketing doesn’t work when you want to sell more. Fortunately for us UK marketers, the governments doesn’t have a lot of credibility so I can’t see that anyone will take notice of this.
I’m not seeing people reduce their spend yet, but we’ve been here before. What matters most is that you’re offering great value and that you are more agile (the pandemic has shown us the importance of being able to react). Social media is a great marketing channel to maintain that flexibility of messaging.
Stay strong, friends.
lol @paul1 this government doesn’t have a lot of credibility … errr… correct! The number of posts discussing this on LinkedIn is high - arguing so well for why people should spend on marketing, might have the opposite effect the govt want. Or is that their double-bluff plan?!
I actually think it could be exactly that. Put something outrageous out there to see how it lands and wind it back if it doesn’t land well.