Buckle Up, Marketers – As Budgets Tighten, So Must Digital Strategy.
While the scale of the impending economic crisis remains contested and mostly unknown, many companies have started trimming back their budgets. As marketers know painfully well, ad and marketing spend are often one of the first places to take a hit when companies go into a leaner operational mode.
When advertising budgets get cut, there are still smart, scrappy ways to make an impact. As ever, reaching the highest possible return on marketing investment should be front of mind for marketers – especially so when scrutiny is amplified.
First – research what your customers are going through. Does your target audience have the same buying power they did a few months ago? Don’t push advertising where people are too strained to engage. Instead, focus your ad spend on specific results. Track every cost against a conversion or newly acquired customer. The data is your bridge to ongoing marketing power. The more you can tie your marketing efforts to revenue, the more company resources you’ll be able to tap into over time.
Where you can, make the most of third party media that hype your company or shed positive interest on how you perform. Re-share good feedback or press on social media or in newsletters. Keep the positive stories alive. And when it comes to social media, take the time to make it a two-way conversation. Your customers will appreciate your involvement, and the effort and cost of engaging with social platforms are relatively low.
Efficiency is king when marketing initiatives need to be limited. Pick a few channels or projects, and move ahead based on where you’ve seen the most success in the past. As I’ve discussed before, when it comes to COVID-related marketing, go all-in on an emotional, authentic connection. Skip the gimmicks – the more you lead with a relatable brand voice that reacts as the world shifts, the more trust and emotional connection you’ll build with customers as the crisis continues.
If you are looking for ways to tighten and sustain your advertising expenditures, we’re experts at doing more with less. Learn more about our capabilities.