The term “frugal innovation” describes a significant shift occurring in the business world: the drive to deliver high-quality products and services at affordable prices.
In marketing, it often means working smarter with fewer resources, and though it was first coined in reference to products designed for low-income consumers in developing countries, the idea has taken root as a guiding principle for marketers the world over looking to improve the customer experience.
For many of them, the need to do more with less is hardly an idle concern: a survey of global marketers showed only 52% planned to increase marketing budgets last year, the lowest proportion since 2012. A separate survey of US marketers showed spend on international marketing dropping from 22% of overall marketing budget to 17% from February to August of last year.
Yet the number of channels marketers must address continues to grow. The need for transparency and marketing efficiency is clear. How are marketers planning to work smarter and do more with less?