How to Prioritize Your Marketing Budget
Stretching your marketing dollars for maximum impact during the Coronavirus
Whether you’re a small business or international brand, in a crisis, marketing dollars are often the first line item to be reduced or outright removed from a budget. For brands who continue to market, they’re pivoting their message to consumers and reevaluating their strategies, and rightfully so. We’re navigating uncharted territory and uncertainty. It’s a time to be sensitive and not tone-deaf. Strategies should focus on being a resource to customers – listen to your target audiences, engage with them, and help.
You’ve cut your marketing budget, now what? Each crisis is different, as is every business or organization. There is no one-size-fits-all solution, but here are some recommendations to consider as you reevaluate your marketing efforts during COVID-19.
- Up your digital game. Consumers are safe at home and on their mobile devices and computers non-stop. They’re consuming news like never before, with online traffic and subscriptions on the rise**. Many are escaping through the use of social media and online shopping. To maintain a presence and relevancy, rework your social content strategy, regularly posting engaging, informative, uplifting, and most importantly, helpful content. If budget allows, try advertising on social platforms like Facebook, Instagram and LinkedIn (for B2B efforts) to keep your brand top-of-mind with and provide valuable resources to your customer. If you’re currently running a PPC campaign through Google, consider responsive display ads, which are also cost-effective.
- Refresh your website. You know you’ve been meaning to update your website for months, maybe even for years. Start with an SEO audit of your website to ensure you’re increasing results. Factors to improve SEO: rich content with relevant keywords; regular blog posts; reviewing the framework and site navigation; site speed; and optimizing imagery. Blogs are a strategic way to regularly update your website and provide for great content on your social channels.
- Support your community. Whether it’s a small act of kindness or a grand gesture, your community needs you now more than ever. Think about how your business resources can help neighbors, partners, customers, and those severely impacted by COVID-19.
- Be a resource to customers. Do you provide an area of expertise that is needed to help navigate these tumultuous times? Ramping up on thought-leadership initiatives can be effective. Recommendations include:
- Drafting white papers (or again, regular blog content) on key issues relevant to your customer right now.
- Providing tools and tips to clients through e-mail marketing.
- Being a go-to resource for reporters by providing valuable insight for an article.
- Developing webinars for long-form content.
- Prepare for recovery. We will persevere and get through this! When we do, it is important to maintain your competitive edge in the marketplace. Evaluate your current marketing strategy and modify accordingly to the transition / post-COVID-19 climate.
If you’re interested in learning more about how you can market on a budget, we’re here to help! Contact partner Jordan Friedman at email@example.com about our Rapid Response & Recovery Communications Kit.
Jennifer Bond is a Partner at Bond Moroch.
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