Is 2023 a recession year? Our budgets in business and at home have been on a wild ride since the pandemic. Marketing budgets are no exception. Recession or not, it’s always a good time to review your marketing budget.
What is or isn’t working
Start with the basics. Is your business’s paid LinkedIn ads bringing you the leads you wanted? Maybe you tried a new pay per click strategy and saw returns, but didn’t prioritize it as a revenue stream. It’s doing something, but what is it doing? These are just some of the questions you and your team can ask as you plan your marketing budget for the rest of the year. The urge to cut back is only natural, but look at this as a time to invest. You may need to redirect some of your funds to outsourcing social media management or ad planning to get the most of your money.
Use what you already have
You paid to build your company’s website already and it is on point. It speaks for itself and you should amplify its voice. Your company blog or newsletter can talk to prospective clients when you can’t talk to them directly. That ‘person-to-person conversational feel’ is a quality of communication that’s hard to quantify. But clients want to work with someone they trust. Give your client value first by sharing your expertise. They will trust you more and that’s a long-term, recession-proof win.
Don’t forget people are more than data
Knowing your audience through data you gathered on your website or social media is key to reaching your marketing goals. If you don’t know your target demographic, you could be wasting precious resources. But word of mouth referrals or a quick follow up will keep you on your prospective client’s mind. When they need solutions, you’ll be who they think to ask. Look at these engagements as an investment of your time and energy. Let your good business sense do the work. Your intuition is invaluable.
SNR Creative is the premier boutique marketing agency designed to help our clients achieve all their goals through creative and innovative marketing strategies. If your business needs help implementing a successful marketing strategy or revamping a current plan, we are here to help! Our team of experts are trained in successfully running and monitoring marketing campaigns at all levels. Contact us today to schedule a quick consultation to see how we can meet your business goals for the future!
Sources: https://www.insiderintelligence.com/content/5-ways-optimize-marketing-efforts-amid-shrinking-budgets
https://www.onaudience.com/resources/what-is-first-party-data/
