Marketing budgets are the foundation of any marketer’s success or failure. When economic uncertainty begins to happen, marketing tends to be one of the first areas to have budgets frozen or cut. We have seen this happen many times over the years and have weathered this storm.
This week’s Marketing Matters question offers advice if this happens to you:
Q: My marketing budget has been cut or frozen. Now what should I do?
A: Look closely at your budget and see what you don’t need to fund, for example, any event budget you had set aside for this year (including the swag, printing, and other costs associated with it). Move those dollars toward lead generation activities. When looking at lead generation, prioritize the following:
Content remains an important area to invest in. If you don’t have the budget to invest in the eBook you’ve been coveting, turn to your subject matter experts for help. They may not be 100% billable right now and can help you answer FAQs, create long-form blogs (about 1,000 words or more), and record demos and webinars you can add to your site to attract more buyers. Additionally, look at all your existing content to see what can be “re-used, recycled, and re-purposed.” Download our ABCs of Content Marketing and jump to “R” for ideas on where and how to use existing content (along with 25 more ideas to help you with content development).
Optimize Your Online Presence:
With a limited budget, you need to make sure you’re easy to find and connect with. Update your social media profiles, including your banner images to show a unified and professional look and feel. Increase your posting schedule (2-3x a week for LinkedIn, more often for Facebook and Twitter). Take advantage of ALL the opportunities on the platforms you are engaged with. For example, on LinkedIn, publish long-form articles with LinkedIn Publisher and post updates on your company page. Get your entire company to comment on and share your most important posts!
Also, get creative with sponsored social media ads. A couple of months back, Facebook may not have been on your radar or a priority advertising platform. As we’ve all had to transition to work from home, more of the users you’ve been trying to reach are spending time on social media. In addition to advertising on LinkedIn (where you’ll find the ‘C’ suite), you may want to test Facebook advertising to reach a more general audience of users for considerably less than a LinkedIn campaign.
Start a TRUE Nurture Campaign:
You need to stay top of mind so that when your prospects are ready to buy, they remember you – and they remember you as someone who provided value. Consider re-packaging your best blogs (or create some new blogs) and format and share them as articles each month. Brand them, come up with a title for the series, or have them come from your CEO or a subject matter expert to add credibility to the content.
Have a Marketing Matters question you would like us to answer?
Email us at info@ThePartnerMarketingGroup.com with the subject line ‘MM Question’ and we will get your question(s) answered from our team of experts.
Have a pressing marketing issue you need help with?
Schedule a 15-minute session with one of our senior marketing consultants, no strings attached, and we will help you in any way we can. Email us at info@ThePartnerMarketingGroup.com with the subject line ‘MM Call’.