Les Binet: Optimising marketing investment in inflationary times | WARC | The Feed
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Les Binet: Optimising marketing investment in inflationary times
Econometrics has fallen out of fashion, but the godfather of marketing effectiveness, Les Binet, group head of effectiveness at adam&eveDDB, argues that it is the tool that will guide brands through these difficult times - here's how.
Why it matters
Research and measurement can do more for marketing than justifying spend; Les Binet argues that econometrics can provide strategists and marketers with diagnostic tools to plan around maximising profits not revenue – but it all begins with price, and the marketing levers that allow you to protect it.
Takeaways
Binet’s key points are repeated here verbatim:
- Reduce risk through econometrics, not attribution
- Understand growth prospects and price pressures in your sector
- First optimise your prices and promotions (use brand advertising to support prices and margins)
- Use the force multiplier of creativity
Then optimise your advertising budgets
- Don’t slash your budgets but tweak them by geography, portfolio, channels, media
- Maximise net profit, not ROI
- Exploit media bargains
- Maintain or increase share of voice if possible
- Don’t go too short term.
Key quote
“Above all, do all that mathematical stuff and harness the irrational emotional power of creativity.”
Read more in Les Binet: Optimising marketing investment in inflationary times.
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