Four ways to reinvent marketing ideas in midst of economic recovery

These traits come from the unique characteristics of monkeys as viewed by Chinese culture, giving hope for recuperation within Thai business and the economy.
However, the reality might not be so kind to us. The year 2016 could be yet another rough 12 months for Thai markets, and even those of our neighbours.
The best indication is none other than the expected growth in gross domestic product, after the World Bank released its economic forecast this month. Thailand is expected to see only 2-per-cent GDP growth, compared with 2.5 per cent in the previous year.
Because of this regressive prediction, businesses operating in Thailand will need to be more cautious than before. In doing so, let’s try to explore a few reinventions that could help marketers reflect what the Year of the Monkey has promised us.
The first idea is to make your business more unusual compared with previous years. Though Thailand’s GDP is forecast to be quite stagnant, many are still looking for a U-shaped recovery.
By this analysis, the Thai market was at the bottom of the curve of the U last year as consumers refused to spend money on products and services. Because of this lack of consumer spending, brands operating in Thailand reduced their marketing budgets drastically.
With this lack of consumer spending, the unusual act is to spend money while others are not. This way, there is a guarantee of more visibility of your products or services, as there is less clutter than before because of less spending. Furthermore, having campaigns out there in the midst of a stagnant market will help boost consumer confidence towards your brand.
The second idea is not to hope for economic recovery but to focus on rediscovery. Many of us are waiting for the global and local economies to recover this year. However, this gives you a chance to rediscover how to gain new perspectives. The core thing is your current business model and partnerships.
In this time of desperate need, new business models or new partnerships are needed. Forging new alliances will give you bigger business opportunities than ever, while a new business model will allow you to venture into new markets with new untapped consumers.

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The third idea is to fight the war of value rather than the wall of price. In a time of economic downturn, most players will fight through promotions. Prices will be dropped in order to generate sales. But this is a big opportunity: to advertise more about the value end consumers get and refrain from simply dropping the price.
In this time of downturn, consumers will buy the brand that has more value. If you are able to convince them that your brand or product can give more value, you can prevail.
The fourth idea is to move from “always on” to “always right on”. In the previous year, the market has seen many players use an advertising tactic to be always on in order for target audiences to see the brand and be able to recall it all the time. However, the flow has changed this year, where the “always on” tactic doesn’t make a difference for brands any more, as most brands have already followed this pattern.
Marketers need to make their brands “always right on” instead. This concept is to be precise in delivering brand messages to target audiences at the moment they are most susceptible to your product or services.
To do so, programmatic planning will be your best friend in delivering your message to the right person at the right time. To get the best out of this tactic, dynamic creative optimisation is crucial to delivering the most enticing messages, not just at the right time.
If you are able follow these four routes, you will surely have the advantage this year despite all the pressure. If things are not looking bright, it wouldn’t hurt to try something different this year.

Maas Virajoti is group head, strategy and innovation, at IPG Mediabrands Thailand.