10 ways to create an effective marketing budget in tough times

10 ways to create an effective marketing budget in tough times

1. Cut costs

The first thing to ascertain is whether you can cut costs such as subscriptions to software and paid advertising. The key here is analysing which campaigns are performing the best. To ascertain this, you should conduct an audit and seek recommendations. Other tactics should include moving to email marketing and use of video which are cost effective.

2. Targeting the right customers

The key is making sure you are targeting the right customers and keeping your long-standing clients. This can be implemented by focussing your budget to people consistently buying the product, boosting your ROI. At the same time seek to change target market if you are not seeing results, to help pivot your business in a better direction. A possible switch could be to a target market who are savvy on social media.

3. Keep employees motivated

The strategy involves rewarding your profit-making employees and providing positivity throughout your business. Considering this is already a functioning part of your business, its worthy of investment. Furthermore, it helps enthuse positivity and well-being of the company in tough waters. Incentives can include staff discounts of 20% off products, friend referral programs, virtual parties based on performance. As a result, they will be more motivated and make sure your labour costs are being met, considering this is an expensive part of any business.

4. Automation

The strategy involves increasing automation in your business. This helps cuts costs and incorporates a remote strategy. It works by looking to maximise the work performance and helps with your overall outsourcing strategy. This will become the new norm within business during the next 5 years, so this is an ideal time to implement the strategy.

5. Organic strategy in your advertising

A great cost cutting initiative is changing to an organic strategy on social media and reducing the number of paid ads. The key is creating a visual ad with concise text and using the crisis to spread brand awareness. The method helps redistribute money into other parts of the business, to help with short term problems being encountered.

6. Sophisticated promotional strategy

A great initiative is having a promotional strategy as most consumers are feeling the pinch. It is a great way of inspiring positivity and reaching out to prospective consumers. An example as an e commerce business is offering free shipping. The strategy should also reach out to existing customers and provide strategies such as offering free products as an act of generosity. Discounts and deals should be offered to regular customers to help build brand loyalty.

7. Do not waste money

The key here is stopping advertising campaigns which are not working and losing money. If staff costs are holding you down, employ virtual assistants and look to outsource parts of your business. Other strategies could include a movement to a 4-day week and moving operations remote.

8. Focus on cheaper product items

A shift of focus towards the lower priced items helps in the short term. Almost shift your sales tactics from higher ticket items to cheaper products.

9. SWOT analysis to help restructure business processes

Another shift is organising a meeting and doing another SWOT analysis on your business. In a way this will identify the cracks in the system and provide solutions. For example, you may find an opportunity you may not have initially thought of. It can almost awaken a sleeping giant in your business. At the same time, you should get your chief lieutenants to do a creative brainstorm and look for solutions in your business.

10. Market Research to ascertain where savings can be made

Another method is tasking an employee to do a comprehensive market research plan for your business. The plan will help guide where the business is wasting money and produce clear recommendations going forward. The purpose should be primarily in the short term to help provide support to your business.

Overall, these methods prove you can successfully navigate tough times, on a relatively modest marketing budget.