Weathering the storm of a recession is a hot topic at the moment. With many industry sectors still reeling from the Covid-19 pandemic and Brexit, and encountering fresh challenges due to the rising inflation, cost of living crisis and continuous energy price hikes, businesses big and small are feeling the strain.
Despite these difficulties, marketing should remain a vital part of how you do business, and with the right tactics could just help you grow your revenue, increase brand awareness and cover those rising operating costs. With business budgets stretched to the limit however, making every penny of your marketing budget work for you should certainly be on the agenda.
In this blog post, I share my tips for maintaining marketing during a recession, and how spending wisely and being frugal with the pennies could just pay off.
Every marketing strategy should have a clear focus, which makes setting goals a great starting point, whatever your marketing budget or overall ambitions. Your marketing goals should be SMART – i.e. Specific, Measurable, Attainable, Realistic and Timely – to ensure a targeted campaign that’s geared towards success.
From here, you can use your goals to channel your marketing efforts in exactly the right direction with marketing activities that are specific to achieving these outcomes.
Measuring, tracking and analysing your results don’t have to be tasks that you stick on the later base. After setting your goals, and identifying the strategies and platforms that can help you achieve them, you should highlight exactly what you need to measure and when.
Set dates for measuring specific metrics and prepare how you’ll gather the necessary information. There are many factors that can be measured, tracked and analysed to define marketing success, including customer engagement, website visitors, average customer sales, conversion rates, bounce rates and time spent on site.
The metrics you gather can influence your marketing activities more than you think. You may discover that one marketing channel or strategy generates more results than another, allowing you to scale back activity on the latter to find better value and returns.
Monitoring your return on investment will help you manage your marketing budget more precisely and be smarter about how you spend essential funds.
No industry sector or audience is static. Each can be influenced by trends and buying habits, which means your marketing strategy has to follow suit so you can continue to reap the rewards. With continuous evaluation, you can adapt and use your marketing budget wisely as your market evolves.
Want more tips to make your marketing budget go further? Contact me today!
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