I get it.
Times are tough.
And the media does a marvellous job of painting a negative picture of the cost-of-living crisis.
But it’s during these challenging times that it’s essential to remain positive and rise about the negativity rather than be taken down by it.
As a social media and content manager, I’ve noticed many business owners talking about cutting their marketing.
And that’s honestly the opposite of what you should be doing right now.
When things are tight, marketing is more important than ever.
Why?
Let’s explore.
Why cutting (or eliminating) your marketing budget is shortsighted
You may feel that cutting your marketing budget is worthwhile right now. Yes, it may free up some cash this month, but I encourage you to think long-term.
What happens if you stop:
Producing high-quality content?
Posting on your socials?
Your email marketing campaigns?
The answer is – your audience will forget about you!
They’ll quickly find someone else offering what you do and move on. Harsh but true.
You’ve heard me say consistency is the key to content marketing, and that’s still highly relevant.
Cutting your marketing will ultimately lead you down a worse path than you’re facing now. Consistent marketing keeps you at the forefront of your audience’s mind and ultimately can lead to sales. If you disappear, so will your sales.
‘But Sam, I’m not getting great ROI on my marketing, so that’s why I’m cutting it’…
If you’re not getting a good ROI on your marketing budget, there are usually solid reasons:
Your marketing is not targeting your ideal audience
You’re not offering anything of value to your audience
You’re perhaps focussing on the wrong social platforms
As a content marketing manager, I always encourage my clients to focus on how they can add value to their clients. Here’s why.
How to add value to your clients even with a tightened marketing budget
During tough times, you need to get innovative. We all know most of us are in the same struggling boat going against the tide, but you need to grab those oars and turn the boat around.
Think of your clients. What do they need the most right now? Value is a key player.
Use your social media (it’s free – except for your time) to engage your audience with targeted content. Continue to build trust with your audience and keep your lines of communication open.
And make sure you’re serving your existing customer base well to keep them loyal to your brand. Use your email marketing campaigns to stay in touch and inform them of new package deals, discounts, etc.
Take some time to examine your past marketing efforts. What worked well or what didn’t? Then, reframe your marketing to focus on what works well for your business.
Focus on your brand and customer awareness and nurturing your leads.
Some examples of how you can add value to your customers include:
Discounts on packages (for something that will help boost their business)
Bulk buys or discounts on products that you sell (everyone loves a ‘bargain’)
Free shipping of products
Downloadable guides to help their business (that place them into your sales funnel so you can nurture the lead)
How to grow your business even during tough times
You’ve now realised that I’m a big believer in investing in your marketing efforts as you must stay in front of your audience. But here are 3 more ways to grow your business during tough times.
Know your customer
Knowing your customers lets you focus on giving them what they need. Ask yourself what their pain points are, what they value, what problem you solve for them, what are their priorities when times are tough, and how you can help them. Once you’ve worked this out, you can hone your marketing, offerings and pricing strategy.
Keep your customers coming back for more
It’s much more cost (and time) efficient to keep your loyal customers coming back for more rather than finding new customers during tough economic times. When customers know and trust your brand, they’re likely to return to you for more. Keep in front of them using your social media and email campaigns.
Look for gaps in the market
As I mentioned earlier, it’s wise to be innovative during tough times. Look at things your competitors aren’t doing and see if you can shift what you do to offer more value to your customers. For example, if people can’t afford to attend in-person events, create a more economical online event where you can showcase your offerings at a cheaper price point for attendees.
Do you need to review your marketing strategies?
Before you ditch your marketing or wonder how you’re meant to deal with a reduced marketing budget, let’s connect to discuss how you can make your marketing work more efficiently for your business.
As a trusted content marketing manager for many years, I know the tricks to marketing a business, even on a tight budget.
You can read more about my services here:
Rather than seeing marketing as ‘just another cost’, I encourage you to see it as a long-term business-building must-do
Sam McFarlane
Your Go-To Expert for Small Business Marketing | Specialising in Blogs, Emails, & Social Media Success