Many organizations are facing uncertainty and adversity due to the COVID-19 pandemic. We find ourselves asking, "when will things go back to 'normal'?" and "how will this affect my business now and in the future?" These questions are warranted and unfortunately, hard to answer. Another question that keeps popping up is, "should I reduce my marketing budget?" And simply put, the answer is no. If your organization is looking to make budget cuts, it may start with the marketing department. We're going to explain why this isn't a safe business decision.
1. Marketing and Sales are Always a Business Necessity
To keep moving forward and growing as a business, you need sales. And to make sales, you need marketing. Reducing or stopping your marketing efforts will only serve to slow business growth. While now is not the time to cut marketing spend, it is a good time to shift your focus. It's possible your target audiences aren't seeking your services now, but they likely will be in the near future. Consider advertising tactics that promote brand awareness and loyalty. In addition, you may be able to shift your focus to a different target audience that could use your services right now. Don't be afraid to think outside of the box.
2. Your Competitors are Leaving the Door Open
You're not the only organization considering a reduction in marketing spend. And some of your competitors will pull the trigger. This leaves ample opportunity for you to capitalize on lower cost advertising and increase market share. If you manage Google Ad search campaigns, revisit your most-wanted keywords. With competitors pulling out, bids will likely decrease giving you more bang for your buck.
3. Everyone is Online Right Now - Take Advantage!
We have never before experienced a time in which so many people are actively online. It is digital marketing's time to shine! People are spending large swaths of time on social media sites and flocking to news sites for updates. Now is the time to take advantage with Facebook ads, Google Display ads, and over-the-top marketing, like Hulu. It may be a good time to consider shifting marketing dollars from radio to digital, as well. Digital ads tend to cost far less than radio spots and far fewer people are listening to radio right now.
We understand it can be scary to commit marketing dollars to campaigns during such an uncertain time, but the key is to be strategic and creative. If you need assistance with strategizing, developing, or managing digital campaigns, our marketing experts can help. Contact Informatics to learn more.