How to be efficient with your marketing budget during the coronavirus pandemic
The coronavirus pandemic has caused disruption to many businesses across different industries. In fact, according to Influencer Marketing Hub, 73% of small businesses are currently experiencing a significant decrease in demand.
The current economic situation means that many businesses are reducing or cutting their marketing spend completely. Although this is understandable and may be beneficial in the short-term, it’s important that you invest in your long-term marketing strategy now so that you come out of the pandemic stronger than ever.
We’ve listed three tips to help you make the most out of your marketing budget during the coronavirus pandemic:
Evaluate your existing marketing strategy and budget
The economic repercussions of COVID-19 means that it’s important that you consider the best way to spend your budget, focusing on strategies that are most likely to see a return on investment (ROI).
Assess whether the needs of your target audience have changed. Is a specific product that you offer no longer relevant? Do you have services that are significantly important right now?
Adjust your marketing strategy to reduce any unnecessary spending. If you’re working across multiple teams in your business, make sure that everyone is aware of the new plans and budgets.
Understand the change in consumer behaviour
The new way of working and living under the government’s lockdown means that consumer behaviour is changing significantly.
With more people than ever turning to social media to stay connected, Facebook has reported a 70% increase in usage across it’s collection of apps since the pandemic started.
Are you making the most out of your business’s social media channels? Using platforms such as Facebook, Instagram, LinkedIn and Twitter can help you to reach your audience – they’re already engaged with these online platforms every day.
Use measurable marketing techniques
If you are looking to cut costs and increase your ROI, you should use marketing methods that allow for accurate audience targeting and conversion tracking. Measurable marketing solutions include paid social, pay per click (PPC) and email marketing.
These methods allow you to analyse how your audience is interacting with your business – where did they come from? Are they following your call-to-action?
By decreasing general marketing and focusing on measurable marketing efforts, you can alter your strategy as the climate changes. Make sure your goals are attainable and monitored, as they may need to be adjusted during this time of uncertainty.
Although we don’t know how long this pandemic will last for, one thing we do know is that it won’t last forever and eventually normality will return.
In times of uncertainty, you may find yourself focusing on short-term solutions. By being smart with your marketing strategy and it’s budget, you can make an impact both during the coronavirus pandemic and after the country returns to normality.
EDGE Creative is a digital marketing agency based in Birmingham. They have over 15 years experience specialising in helping businesses get the most out of their marketing and increasing sales and lead generation.
If you’d like to implement a long term marketing strategy or would like advice on how to be efficient with your marketing budget during this testing time, call us today on 0121 355 8092 or email email@example.com to book a complimentary consultation with a marketing expert.