15 May Why Marketing Dollars Are Not Discretionary
In this season, many businesses are considering cutting expenses in order to maintain operations. As leaders consider what is on and off the table, experts agree that your advertising and marketing budget is crucial to the success of your business, and should therefore be maintained. Let’s look at some reasons why you need marketing now more than ever, and ask some questions on what could be improved or pivoted to better fit the current circumstances.
Why Keep Marketing?
Marketing serves multiple functions, a key one being the attraction and retention of customers. If you aren’t doing that, you’ll quickly find yourself in a worse position. If you cut back on marketing, someone else who kept their ad dollars going will start to take your portion of the market share. Good marketing, even during difficult times, can easily improve your company’s reputation, build relationships with your audience creating loyal customers, and ultimately bring in sales opportunities. And, once we’re out of this crisis, you may find yourself with a stronger brand value thanks to your marketing perseverance.
Some Questions To Ask.
Instead of following the knee-jerk instinct to cut costs, what if we asked a few questions that might help clarify a new and more successful marketing strategy?
- Are you fully utilizing digital? Consumers are spending more time online, and you need to meet them there. If your online shop, virtual tours, or digital marketing presence isn’t fully optimized, now is the time.
- What does your messaging look like? If your campaign isn’t getting the traction you thought it would, consider revising your messaging. Start testing everything from website headings to email copy and see what gets traffic.
- What channels are giving you the most success? Don’t over extend yourself, but focus on the areas you’re seeing return.
While you may think cutting your marketing budget will help, you might find it does more harm than good. We’ve quickly adapted our clients’ strategies to better fit this season of coronavirus, and have seen great results. Interested in learning more about some of the work Idea Associates has done? Contact us here!