Planning Marketing Investments in Challenging Times

Importance of Properly Managing Your Marketing Investments

During uncertain times, it’s normal to focus on the things that you need to cut to be successful. Businesses often make cuts to marketing as part of their budgeting strategy, but the problem is that they may not take enough time to determine if they are actually cutting the wasteful aspects of their marketing or if they are cutting something essential to the success of the business.

Take the Time for New Market Research

Your time being in business has shown just how important it is to have the most accurate market information. Marketing research is particularly important during these difficult times. As much as your business might be struggling financially, so are your customers. This means that the way that they consider purchases and how they approach purchases will also be different than during those more normal times. Knowing how to better align your marketing campaign for your customers in their current financial situation can help you gain the competitive edge that you need over other businesses.

Doing Good for Others

During uncertain times, consumers want to know that people care about them. While your business is struggling, it’s understandable that your focus has been on how to maximize any money that your business does have. But, what if doing good and helping others can actually be a smart marketing strategy?

Historical projections vs. new data

When you are determining your marketing budget, you need to have the long-term picture in mind while you try to get through these (hopefully) short-term challenging times. You cannot just go and change the fundamental core of your marketing strategy. In the past and still in some cases nowadays during this current situation, annual planning budgeting was based on a historical flow stream, which is customary to adjust it upward or downward, but now is of utmost importance to squeeze it in 2021, having thus a limited budget.

Make Room for Flexibility

Customer behaviors can change extremely fast, which is why you should offer some flexibility in your marketing budget to take advantage of any potential opportunities or adjust for any challenges that may arise throughout the course of the uncertain times. Things can change in an instant and making sure that you budget for these quick adjustments can be very helpful to you.

Social Media Marketing

Social medial marketing can still be a smart marketing investment during these uncertain times due to the accelerated digital adoption phenomenon and a tremendous shift in consumer expectations. This is specifically true during the time of COVID-19. During these quarantines and lockdowns, people were living on social media, this proves once again consumer behaviour change fast and influences hard, thus the flexibility into our budget is important.

Think Affordability

Your consumers may be suffering from financial hardships and may be tightening their belts as well during these uncertain times. This means that they may be more focused on looking for the best deal than they normally would. As a business, you will need to be more competitive when it comes to the price of your products. Offering discounts or other promotions that aren’t overly complicated are exactly what customers are looking for right now.

Seeing the Advantage in the Disadvantage

Reinvent, reset, pivot, think “glocal” and make your business operations a four-wheel car that accommodates to the new digital expectations. Challenging times like recessions or even pandemics can impact businesses, however there is always an advantage in the disadvantage. How you plan your marketing investments is important to whether or not your business does succeed when other businesses may be failing. The goal here was to help you get advice on how you can adapt your approach to marketing your business so that you can make it through those challenging times.

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