Marketing spend is already on a slow squeeze as brands look to make savings and de-risk the year ahead. Agencies have even less visibility on the next 6 months as procurement teams create new hoops and hurdles and negotiations become protracted. This recession is like a storm cloud overhead, looming ominous of a potential deluge, and yet the rain is still coming in stops and starts. Making planning a challenge and innovation ever more essential.
Scrutinising spending in a recession is wise, however, every storm runs out of rain. Whilst we are all working hard to understand what this recession will bring and the longer-term impact it will take, it’s also the perfect time to think differently and find opportunities as well as overcome challenges. There has never been a better time to assess the effectiveness of marketing.
TEAM LEWIS’s 2022 Global Marketing Engagement Index: The Recession Edition, highlights new paradoxes on lessons previously learnt. Firstly, considering the power of leadership in a crisis, the report found there is a surprising decrease in visibility from the C-Suite. According to this year’s global report, over 75% of leaders within Fortune 500 companies are not available on social media. Secondly, in line with ESG best practice, the report checks if companies have content or visibility on corporate websites reporting the use of renewable energy resources, or diversity and inclusion efforts. Surprisingly, despite this topic being of increasing importance, the score has gone down year on year, from 65% in 2021 to 56% this year. Lastly, the digital marketing section of the report looks at factors that determine the company’s success with online audiences. Whilst User Experience (UX) went up from 35% in 2021 to 61% in 2022, the overall score went down from 56% in 2021 to 47% this year. This indicates that companies are investing less or connecting wider marketing initiatives with smart SEM and SEO.
Although these paradoxes exist, such as websites being easier to use but harder to find and ESG interest growing but declining mentions on websites. The report aims to use these findings to shine a light on some easy wins.
In a world where scrutiny on business and the social pressure on brands has never been more demanding, clarity, consistency and cutting through are three things brands can focus on. When there are so many channels and emergent ways to connect with stakeholders, making sure the basics are not overlooked and connecting the dots across the full marketing suite is essential in the battle for momentum and survival in the stormy waters of today’s economy.
TEAM LEWIS analysed the top 300 companies from the ‘Forbes Global 2000: The World’s Largest Public Companies’ list. This compilation is an industry benchmark recognized to have an authoritative and trusted methodology. Download the Global Marketing Engagement Index 2022 here.