It’s no secret that the economy is on the brink of a recession.
This is a difficult time for many businesses who are just now bouncing back after the shutdown.
Times may be tough, but that doesn’t mean your business has to suffer.
Fortunately, there are still many marketing opportunities available to help you stay afloat during this time.
1. Look at your budget on a macro level
It’s easy to nit pick your campaign performance each month, but most marketers fail to review their budget at a macro level with the same scrutiny. Instead, they set their budget and walk away.
Greater competition and smaller budgets force marketers to dive deeper into their data to discover significant insights and trends.
Dashboards and tools are great for this purpose, however, they can’t explain the growth or draw any correlations, which is critical in a pre-recession environment. You’ll need to understand the cause of any data trends in order to better plan your budget.
2. Bring in financial analysts
This is a given, but still important to note. In times like these, all marketers need a solid grasp on their financials. A freelance or permanent financial analyst will execute an analysis of marketing performance, sales data, and total marketing budget.
This type of comparative assessment will reveal any past correlations between revenue growth and marketing investment to ensure the best budgeting moving forward.
3. Discover funds that might be hidden between silos
If you’ve been in the marketing game for a while, you’ve likely been trained to view performance from a channel-specific perspective. The only issue with this perspective is that it creates decision and knowledge holes that could constitute millions of dollars in under-leveraged spend.
In these times, when budgets are slim, you must use your position as a marketer to horizontally analyze performance and find out what’s really driving sales by looking at your ROI through a more holistic lens.
Doing so will help you discover where to cut spending without challenging growth, as well as where increasing spend will be the most effective.
4. Find new ways of working
If the past few years have taught us anything, it’s that organizational change should be the norm–not just something we resort to in hard times. You need to be properly integrating marketing units and partners. Not doing so will result in wasted opportunities and resources.
5. Carefully allocate spending
After you’ve identified where your marketing dollars really pull their weight, it’s time to hone in on your spending to foster the most growth. Invest more into what’s working and dial back on what isn’t.
For example, you may decide to concentrate all of your efforts on social media or traditional ad campaigns and spend nothing on customer acquisition and value proposition. Doing this will cause you to be absent from certain marketing channels, and highly successful in certain concentrated areas.
In an uncertain economy, it’s important for marketers to be strategic and think outside the box to remain successful. By utilizing some of these tips, you can stay ahead of the curve and keep your business afloat during a recession. Check out the Bizzuka blog for more marketing tips!