A stark warning from the IPA in this week’s FT reminds the bosses UK plc of their role in making sure that they heed the learnings from past recessions about how they manage advertising spend going forwards.
Acknowledging that some businesses will be under immediate financial pressures to survive, or that they can no longer deliver advertised services, the clear message is that the business leaders should be working with their marketing services partners on the challenges they face now, and any potential opportunities for growth. These opportunities for growth do not necessarily mean spending more but maintaining a visible presence to be able to engage with new and existing customers and understanding how brands can exponentially grow market share in a downturn.
Four weeks into the lock-down, this full page ad co-incides with thought leadership from eminent marketing effectiveness and behavioural economic specialists such as Peter Field, Les Binet and Richard Shotton who are writing on why this recession differs from others and why consumers will be front and centre to recovery.
It is also going to be the basis of a campaign by the IPA to put to Government, opinion formers and the FTSE 100 to provide them with the narrative and the evidence to get back to profit.
This downturn is different from any other in that we are seeing communities come together wanting to support the NHS and to support those brands which are being seen to support them during this crisis. They are actively looking for brands to engage with them – for loyalty so they can be loyal in return. And the move by P&G to increase its marketing spend is both a bold, and the right move. They understand the maths.
The IPA FT campaign has been running since January 2020 and has six ads in the series which aim to help business leaders understand brand building and long term investment strategies.
Says IPA Janet Hull, Founder and Director of Eff Week: "The ads are very timely and fit the campaign we have been working on with the FT to improve understanding among their c-suite readership about how to build successful brands. We knew from our survey of the FT readership in 2019 that one third of marketers know that brand building was vital for business growth but that they lacked the confidence in their own ability to know how to do it well. We also know that marketing effectiveness is now on their agenda. By partnering with the FT we hope to raise awareness of the commercial impact of brands and to provide marketers and agencies with the support they need to make the case for long term investment which is even more important today."