Marketing planning in turbulent times

These are turbulent times. Shoppers face rising prices. Businesses face labour shortages and disruptions to supply. And interest rates are only just beginning to bite.
Don't panic. This video shows how to tweak your marketing plans for the tough times ahead.

[@VictorIturriozPalleja]

My favorite speaker, hands down. We missed you a lot, Les. It's so good to see you are back and in full force. Big hug from a big fan

[@lesbinet7977]

Thanks so much. Things have been tough the last couple of years, but I’m pretty much back to full health now.

[@ance300]

Been implementing this 76/24 split (the 60/40) since 2016 and it’s been an interesting learning journey across industries in the Nordic’s. The research always needs perspectives from the people implementing it and not only the data from the research.

[@ngandangthikim6853]

Thanks for your sharing!

[@rodney19821982]

Welcome back Les.
Great hear you,as always!

[@lesbinet7977]

Thanks Rodney!

[@pedroleite8287]

What is the difference between efficiency and effectiveness?

[@lesbinet7977]

Effectiveness is about the size of your achievement, e.g. net profit generated.
Efficiency is the ratio of effectiveness to effort, e.g. Return on Investment (ROI).
So, suppose you have two campaigns, A & B.
Campaign A had a budget of £1m, and generated a net profit of £2m after campaign costs are deducted, achieving an ROI of 2:1.
Campaign B had a budget of £2m, generating a net profit of £3m, with an ROI of 1.5:1.
Campaign B was more effective, because it generated a larger profit.
Campaign A was more efficient because, although it was less profitable, it achieved that smaller profit on half the budget.
This illustrates the danger of focusing too much on ROI efficiency. If you want to maximise efficiency in this case, you will opt for Campaign A, and so reduce your profits.

[@BerlinCommunications2012]

@lesbinet7977 On the slide about efficiency at approximately 30 minutes in, on the right bar graph, does media mean the channels that were used? and does variant mean different creative executions? Happy to review the source if you or anyone has a link