Balancing the Art of Now: Amplifying Short-Term Impact and Igniting Everlasting Demand
According to the 2023 Lions Study, a whopping 60% of respondents are bracing for a 25% or more reduction in their marketing budgets. As we all strive to ignite captivating creativity that fuels business growth, the hurdles of economic constraints and budget limitations, coupled with the immediate demand for short-term results, often obstruct our ambitions.
Short-Term vs. Long-Term Dilemma
Let's be real – proving short-term sales to secure long-term budgets is an uphill battle, especially in today's challenging climate. A prevailing trend appears to favor overinvesting in short-term tactics, drawing skepticism from industry leaders like Byron Sharp, Peter Field and Les Binet. The danger lies in neglecting the vital elements of future demand and brand-building.
Rethinking Efficiency
It's time to redefine efficiency. While our budgets must work harder, let's delve deeper. Who is our customer beyond demographic details? What are their beliefs, and how do those beliefs shape their actions and influence content development? A profound understanding of our audience paves the way for more potent and purposeful creative work.
The study’s findings also indicate that 60% of respondents are prioritizing short-term activations this year. This prompts a crucial question: should we still be pitting short-term tactics against long-term brand building? Considering the financial constraints most brands face, the challenge becomes finding a harmonious coexistence between the two. Focusing too much on short-term tactics without a long-term vision is like a ship without a compass. How do we maximize our budgets to drive both immediate business growth and future demand?
Understanding the Power of Beliefs
Beliefs drive emotions, and so does the ubiquitous "buy now" approach. However, without awareness for the brand, this strategy falls short in evoking the desired emotions. To illustrate, here are three creative examples that balance short and long-term efforts to evoke positive emotions and drive meaningful actions.
- Snickers’ ‘You’re Not You When You’re Hungry’. Build globally, act locally. Brand is tied to sales tactics specific to local markets.
- Burger King ‘Glitch”. A master class in reverse engineering a gaming campaign to drive awareness, loyalty and short-term sales
- The First Meta Sneaker. Through community building, UA amplified the brand and drove a significant sales spike.
Striking the Right Balance
So, let's go beyond efficiency, understand our customers on a deeper level, and create campaigns that not only drive sales today but also build a brand legacy for tomorrow. What are your thoughts, experiences, or strategies for striking a balance between short-term and long-term goals?
References:
Lions State of Creative Study 2023
Mi3-LinkedIn B2B Next Summit. Prof. Byron Sharp Keynote presentation recap. August 23, 2022
