Chances are, your marketing strategy has had to pivot due to the coronavirus crisis. And now you could be feeling the strain of a limited marketing budget too. But Blue Water Marketing is here to help you make the most of it no matter what you’re working with.
People all around the world are tightening their budget belt as we deal with unprecedented economic changes on both the global and local scale. And that includes marketing campaign budgets.
Has your marketing budget been cut?
Your marketing strategy has probably had to adapt to current events. Along with changes to social media campaigns, marketing teams have been instructed to cut back on ad spend to save money wherever possible.
Making smart financial choices is more important than ever right now. But if your marketing strategy isn’t bringing in money, you risk losing your business entirely. Just because your marketing budget is reduced doesn’t mean you can’t get effective results…you just need to pivot! And we’re here to help.
How To Maximize A Limited Marketing Budget During Covid-19
First things first: you need to know exactly what kind of budget you’re working with. Has your ad spend been cut in half? By a third? Or have you just been instructed to “cut back?” Once you get really clear on what you have to spend, you can make more informed decisions about how to move forward.
Now, if it’s up to you to come up with a marketing budget, our next point is critical.
If there’s one thing you take from this article, let it be this: fight the urge to cut your marketing budget for as long as possible!
As tempted as you might be to cut back here, it could result in long-term cuts to consumer spending that are even harder to come back from.
Consider this: Statistics show that, on average, businesses earn $2 revenue for every $1 they spend on Google Ads.
Now, if you cut back on your ad spend, you can expect your revenue to decrease at the same rate. And for businesses trying to remain afloat, every dollar of revenue is critical.
Tip #1: Do Your Research
Let’s say you started your business seven years ago. You did hours and hours of research into your target market. You found out everything you needed to know about your target demographic so your marketing campaigns would be successful. Maybe you even hired someone to do this research for you.
But things have changed.
It’s time to do your research again. Your marketing report needs to be updated (click here to see what to include). As consumer spending habits change, your customer demographics can too.
We know this can feel daunting, even under the best of circumstances, which is why we’re here to help.
When you work with Blue Water Marketing, our content writers do this research: from your keyword rankings to your top-engaged social media posts, this research allows us to craft content that will drive both engagement and traffic to your website.
Tip #2: Utilize Social Media
If most of your marketing efforts have been focused on Google Ads in the past, now is a good time to turn some of your attention to social media marketing. A variety of social media platforms, including Twitter, Facebook, and Instagram have seen a major uptick in usage: 27% among Gen Z, 30% among Millennials, 29% among Gen X and 15% among Boomers.
Now, if your business doesn’t have a social media presence to begin with, this is an obvious place to start. Harness the power of social media to connect with current and potential consumers.
Creating social media profiles for your business is one thing, but there are ways to make social media marketing even more effective. Businesses often used paid campaigns to strategically target consumers, and your basic content can also be tailored to reach your target market.
Of course, it takes research and insight to do this effectively. And that includes researching your competitors. For more on conducting competitive research, take a look at this post.
Tip #3: Maximize Email
Just like social media, email campaigns can be a cheap AND effective way to boost your business.
Depending on your business, there are different ways to do this.
Do you already have an impressive list of email subscribers? Reach out to them! Do this in an organic, natural way and check in with them. Let them know you’re there. Maybe your brick and mortar store isn’t back up and running yet. But this is a great way to remind consumers that you’re offering curbside pickup, free shipping, etc.
If you regularly update your website’s blog (if not-what are you waiting for?), email is a good way to tell subscribers about new posts to get more traffic.
Tip #4: Utilize SEO
Search Engine Optimization, or SEO, is the use of keywords, links, and content marketing to increase your digital footprint on search engines. SEO marketing is a set of strategies with the broad goal of bringing more people to your website by improving your search engine rankings.
By increasing rankings online and in your general area, more people are likely to visit your website and convert into paying customers…something every business wants!
Is your website optimized for SEO? If your content doesn’t include the terms consumers are likely to search to find your product, you’re missing out on business. Including SEO optimized keywords in your content is a way of reaching your target demographic that doesn’t require spending money on ads.
Higher search rankings for the right keywords can have a huge impact on the amount of traffic and quality of traffic your website receives. When you entrust your SEO services to Blue Water Marketing, we use the latest tools, strategies, and trends to help you move up in the search engines for the right keywords to get noticed by the right audience.
Don’t lose hope
Historically, economic downturns eventually turn up. Over time, you’ll start to see consumer spending increase. People will return to work and have more spending money. Things will get better.
Many of us are feeling financial pressure right now.
But don’t lose hope.
We’ll help you maximize your marketing budget
We’re here to help you make the most of your marketing budget, no matter what it is. Contact Blue Water Marketing in Stuart, Fl. today for a free consultation! We can’t wait to hear from you.