Many businesses are now faced with decisions that seem unprecedented. One of the decisions at the top of that list is how to deal with marketing budgets during times of economic downturn or uncertainty. The good news is that this is not unprecedented. If we look back through history, we can see success stories from brands that chose to maintain or increase their market presence during tumultuous economic conditions.
We realize that not all of our partners are tech, fast food and auto behemoths, but that doesn’t mean there aren’t lessons to be learned and applied to your business. Here are the top three things you can consider as a business owner or marketing leader during these uncertain times.
Don’t indiscriminately cut your marketing budget
As tough decisions need to be made (and they will), it’s important to take a step back and look at what could have the most impact in the long term. As you saw in the graphic above, making rash decisions for the short term can have significant long-term effects.
Focus on your existing customer base and their look-alikes
Companies like Amazon are becoming so burdened with the demand for delivery, they are considering limiting to essential items. Local businesses that can serve their immediate communities have an opportunity to stay top of mind as consumers search for alternatives. Media companies like ours can help marketers target those most likely to take advantage of the services and products you can deliver them. Narrowing your message to those consumers increases the likelihood for conversion.
Give people a reason to spend with you
If, for instance, you’re a restaurant that is still open and offering curbside pickup or delivery, consider offering customers the option of adding a “meal donation” during checkout. Perhaps it’s ordering a second pizza to send to a local hospital for the healthcare workers that can’t get out to eat, or a packaged takeout meal for them to deliver to shelters at the end of the day. Regardless of your industry or coverage area, having unique, authentic ways to “give back” during times like these can have long-term dividends with customers.
Get in touch with your sales rep today to discuss how we can help you keep the gears of your business in motion.