How has the pandemic changed brands’ view of ROI?
While some brands have been forced to ramp up their focus on short-term ROI, others have held their nerve and sustained their commitment to brand building with a view to the world post-pandemic.
In context of Covid-19, many marketers have been forced to adjust their expectations of return on investment. In some cases, brands in severely challenged categories have been put under pressure to chase short-term ROI just to survive the next couple of months.
Others have chosen to play the long game and opted for the benefits of long-term brand building, believing the crisis has exposed the weaknesses of an overreliance on short-term tactics.
With bars and restaurants shut the world over and travel retail largely put on hold, drinks giant Diageo has been thinking slightly differently about return on investment, while still harnessing the power of its bespoke marketing analytics tool, Catalyst.
Global marketing effectiveness director, Kiel Petersen, explains the focus has been on making sure the business is using intelligence in real time to right size the marketing spend it needs for its brands in a given market, with a view to maximising business performance.
In line with the company’s ‘#EmergeStronger’ strategy, the role of the marketing effectiveness function has been to give the business confidence to invest in marketing throughout this period. Petersen’s team has been arming the marketers worldwide with practical, contextual understanding to help them make better choices.
