Some marketers are responding to budget declines by ignoring the core principle of effectiveness – and, as a result, increasing the likelihood of deeper cuts in the future.
Financial data, in fact, proves that brand custodians tasked with driving growth are working with a smaller pot of resources than they were ten years ago – a harsh reality that should, in theory, encourage marketers to adopt established best practices.
“Individual campaign budgets almost halved between 2010 and 2019,” James Hurman, the founder of both the innovation company Previously Unavailable and the small-business marketing platform Storytech, told delegates at Lions Live,...