Monday, April 22, 2013
In this era of spending cuts and “big data”, it may seem counter-intuitive to reserve a portion of your marketing budget for experimentation. However, this is something that McKee Wallwork & Company is recommending more and more to clients these days, and actually doing ourselves. We are surrounded by uncertainty – be it the volatile economic conditions, the onslaught of digital channels, or the invention of the DVR – so there’s no guarantee that the marketing effort you put forth is going to work exactly the way you planned it to.
So why not embrace this uncertainty and set aside 5-10% of your annual budget to try new things? You could give your agency (hint hint) some reserve money to concept ideas on your behalf. You could run a wacky promotion that you’ve always wanted to try but were a little scared to. An unforeseen partner opportunity may arise. Or, a new technology or social platform may spring up that you think would be perfect for your brand.
If you know going in that the money you spend on these types of projects is experimental, then you won’t be so disappointed if things don’t work out. At least you’ll know it failed and can move on to the next thing. Who knows? One of your trial projects could be the one that gets your struggling brand moving in the right direction again.
So go ahead. Try it. Be spontaneous (but be strategic). It’s fun. It’s freeing and it’s what all the cool kids are doing.