With the fear of an economic crisis emerging, companies had to cut their budgets. One of the first places to see significant financial cuts is in the marketing budget. As important as these functions are for the growth and development of a company, a company must manage its marketing expenses according to the revenue. Given the lower disposable income in the overall economy, it makes sense for companies to look for ways to reduce budget requirements that are not critical to the company's basic operations.
Despite this cut in marketing spend, companies want to continue to develop campaigns that keep their products and services in the public eye. The only way to do this is to make advertising spending more efficient. Making the most of the smaller ad budget available should be a company's most critical marketing goal.
These Ad Age Collective entrepreneurs are familiar with getting the most out of a tight budget. We asked them to share their insights on how businesses can get the most out of tiny advertising budgets. Here's what they had to say.
1. Start the research.
You need to understand what your audience is going through before launching advertising campaigns. Are you able to buy? Do all other systems work like logistics? It only makes sense to advertise if people can still carry out normal buying activities. Learn what's happening to your audience so you can make better decisions. – Syed Balkhi, WP Beginner
2. Focus on the results.
This is a crucial time for many companies, and it has never been so important to focus on advertising spend directly related to a result. This can mean temporarily reducing your brand spend in favor of investing in performance marketing. Keep an eye on the cost per acquisition – everything is fine now. – Michael Lisovetsky, JUICE
3. Reinforce reinforced media.
Find positive articles about your company or the problems that your solutions solve for customers and expand these articles on social media. In this way, you combine the credibility of third-party media with the precise targeting of digital advertising to get the best for your money. By combining them in this way, you can fully leverage your PR efforts and advertising costs. – Dan Beltramo, Onclusive (formerly AirPR)
4. Be flexible and listen.
During a crisis – and earlier – brands need to make their spending more flexible and able to move messaging quickly. Do not do anything outside of the brand, but show that you are listening and empathetic. In times of crisis, turn to social or earned media to reach your audience quickly and authentically. And if possible, realign advertising and news to meet the needs of consumers at this time and as they change. – Maggie O & # 39; Neill, Peppercomm
5. Invest more in acquisitions and SEO.
With many advertisers cutting back on ad spending and customers spending more time online, now is the time to invest in acquisition efforts. CPMs have decreased due to lower demand and increased inventory. Prioritize high and medium funnel messages to build brand awareness, recall and trust. Also consider investing more in SEO. A high quality, relevant online experience helps maximize sales potential. – Chad Robley, Mindgruve
6. Do fewer things and do them better.
Focus on a few things and choose them based on areas where you have the highest tendency to succeed. Build on the industries where you have built a good reputation. Finally, make a call to action and pour your heart into it. Remember, if you had a first date and liked the person, you only want a second date. What corresponds to your call to action for a second appointment? – Arjun Sen, Zen Mango
7. Link the advertising measures directly to sales.
Marketers and advertisers often despise sales and prefer living in the world of ROI based on impressions, awareness, and engagement. As contrary as it may be, in a crisis you have to make peace with the sale. If you tie your advertising measures directly to sales in the short term, this benefits your company and gives you resources to invest in longer-term initiatives in the course of the crisis. – Patrick Ward, Rootstrap
8. Send the right message to the right people.
With multiple industries cutting or eliminating media spending, budgets can now go further than ever. Without sophisticated audience segmentation, brands run the risk of repeatedly hitting the same customers or delivering ineffective messages to the wrong people (while results look better than before). It's time to segment your audience deeper to get the most out of your budget. – Reid Carr, Red Door Interactive
9. Use the competitive advantage and connect emotionally.
To win during and after a crisis, brands do two things: 1) When others cut advertising spending, they use competitive advantage to ensure that their brand's share of the vote is higher than their market share. 2) They shift messages to connect emotionally on a large scale, and show real commitment to serving communities and customers. The increase in brand affinity, the intention to buy and ultimately the market share gains ensure maximum ROI. – Sean Cunningham, VAB
This article was written by Ad Age's Ad Age Collective Expert Panel and legally licensed through the NewsCred Publisher Network. Please direct all license questions to firstname.lastname@example.org.
Originally published on June 29, 2020 at 4:33 p.m.