Putting your brand out in the world is like building a relationship with someone you care for. You must understand what your significant other needs and use those ideas to better your connection with each other.
Consider marketing as your wingman or a friend that you can always go to. One day, you might run out of ideas on how to impress your partner, but you can always rely on your unfailing friends to help you. This is how marketing works for an organization and like a trusty companion, it will always have your back.
Speaking to your customers with a purpose while staying within a budget is not always easy. Connecting with your audience can be tricky if you don’t know them well. With progressive marketing strategies at your hand, you can communicate with them better and address their needs without wasting a dime.
Reconsidering Your Company Expenses
There may come a time when your business may seem to be underperforming in the industry and you might consider cutting your work expenses. It could be due to your clients not growing in number for the past six months.
It can also be that your team members are leaving or experiencing financial instability caused by external factors like the recent pandemic. Whatever the case may be, it is affecting the productivity of your business and budget cuts might be your one solution to keep the company alive.
The key to keeping your company running on a lowered budget is to prioritize what retains your services placed in front of your audience or clients–and that is marketing. No matter what adjustments you may consider doing, never let that link to them be severed.
Prioritize, Don’t Cut: Why Marketing Efforts Matter
When deciding how to reorganize your budget, your marketing efforts should be at the top of your list of things to keep. Putting your brand out there should be your priority and it can greatly impact your operations and relevance in the industry.
Siegel+Gale’s Strategy Director Patrick Kampff says that a lot of businesses make the wrong move of discontinuing their advertising and marketing efforts during their company’s lowest points. Research by Ehrenberg-Bass Marketing Science Institute proves that doing this can lead to a decline in sales of up to 16 percent within a year of no marketing attempts and by 25 percent within two years.1
Looking at the data alone, marketing already proves to be a very important part of a business. It could be a difficult road ahead given that you are on a tight budget. However, staying in the course will greatly reward you in the future.
Here are some benefits of investing in marketing, based on the true stories of the most significant brands today.
1. Marketing broadens your visibility.
Taco Bell has successfully reached both old and young consumers through its most energetic online presence on Twitter and Instagram. Surprisingly, the brand even made the bold move of reaching beyond the food market by collaborating with Forever 21 to create a clothing line.2
2. Marketing helps you personalize user experience.
Most people are now subscribed to Spotify Premium. This app allows users to effortlessly find personalized music and playlists specifically created for them. These are all possible thanks to Spotify dedicating a Marketing Sciences team to study user preferences and design unique listening experience.
3. Marketing grows your audience.
Buzzfeed is everywhere and its global audience of over 650 million consumes its content daily. The multimedia brand found its success in 2014 when it stepped out of its own website to post original content on multiple platforms.
4. Marketing allows you to do better than competitors.
Nokia didn’t see Apple and Android as threats to its €110 billion market capitalization in 2007. Apple started attracting developers and consumers when it launched its App Store, followed by Android’s very own Google Play.
Without considering the need to develop its platforms, Nokia’s market capitalization had fallen to €14.8 billion in just 5 years. Meanwhile, both Apple and Android are still innovating their devices through new partnerships and software upgrades.3
How to Maximize Your Limited Marketing Budget
There are multiple ways you may adjust your budget without sacrificing the fuel of your brand: your marketing activities. Here are some examples you may want to consider.
1. Set attainable metrics for more intelligent efforts.
Being more specific about your plans and narrowing even more on your target audience can help make the most of your budget.4 In making the most of your limited budget in marketing, make sure that your set goals are realistic and attainable.5
- Be very clear when it comes to time frames and measure what can be recorded in specific data.
- Assess if your online engagements and website visitors are multiplying every quarter.
- You can test which type of your ads get more clicks or identify where the ones being skipped are posted.
2. Join relevant online trends.
Switch up your content when you see fit. When it comes to researching trends, prioritize joining what is relevant to your company’s values and image.
It can be great to be able to participate in each one of them, especially on TikTok, but consider if these activities add value to your brand.
3. Provide easily accessible solutions.
Brand awareness through online content is one of the best ways to help your company grow on a low budget. Through this method, your brand can become more trustworthy.6
By posting articles on a schedule, you can address issues related to your audience and bring them valuable solutions—all within your website. This also challenges how flexible your products and services can be in delivering results and improves your team’s creativity in pushing your company forward.
Always remember to put your values first, followed by your business offerings second.
4. Connect with your community and gather direct feedback.
You may choose to join on-ground events and set up promotions to attract new customers to collaborate with. Influencers attend these gatherings as well and they can be tapped for paid collaborations.
Creating a Facebook group or a Discord server requires little to no spending. Through these groups, you allow individuals to share feedback and experiences. This allows you to learn about their needs and address them accordingly.
In turn, you can also gather ideas for new services you can implement or improve.
5. Learn from your best competitors.
The best way to implement effective marketing strategies is to understand the shortcomings of similar brands or established brands that you admire.
Ask yourself how you can work on what they failed to do or how you can still improve what they already did greatly.
6. Consider a hybrid or full-time work setup.
Working within the comfort of your home eliminates your company’s expenses on rent, electricity, and office maintenance. It also allows employees more time to work and to care for themselves, while reducing the allotted time for internal events.
7. Organize online office events and occasional outdoor meetings.
Consider online events through Google Meet or Zoom. If it’s necessary to meet outdoors, renting out space at a start-up business can be a great way to support other business owners and find new brands to collaborate with.
8. Use free apps and online tools for work.
There are thousands of online resources you can take advantage of such as Canva for your design team. For marketing, social networks are now offering free business tools for their respective platforms that you can use to promote your business.
Marketing Helps Your Business Run
Remember that the most effective way to keep your operations running is by regularly and purposefully connecting with your audience. Always be updated on what attracts your consumers and what keeps them sticking with you.
You may also consider teaming up with experts in the field, such as freelancers or an outsourced marketing team.
DEVELOP GROUNDBREAKING MARKETING STRATEGIES WITH ALLIED INSIGHT
Move your brand ahead of the game with the help of Allied Insight, a Full Stack Marketing Agency. The team can help your brand be more relevant in the eyes of your audience through Complete Competitive Analysis, MarCom & Content Audit, Brand Continuity & Design Assessment, and more services.
1 LBB Editorial. “The Value of Marketing in a Recession”. https://www.lbbonline.com/news/the-value-of-marketing-in-a-recession . Published last January 17, 2023. Accessed last February 21, 2023.
2 Ilya Pozin. “20 Leading Companies That Market in Unique Ways”. https://www.inc.com/ilya-pozin/20-leading-companies-that-market-differently.html . Published last November 26, 2017. Accessed last March 4, 2023.
3 Haydn Shaughnessy. “Apple’s Rise and Nokia’s Fall Highlight Platform Strategy Essentials”. https://www.forbes.com/sites/haydnshaughnessy/2013/03/08/apples-rise-and-nokias-fall-highlight-platform-strategy-essentials/?sh=333638ff6e9a . Published last March 8, 2013. Accessed last March 4, 2023.
4 Sergio Alvarez. “Why You Should Maintain (or Even Increase) Your Marketing Budget in a Recession”. https://www.entrepreneur.com/growing-a-business/why-you-shouldnt-drop-your-marketing-budget-in-a-recession/443222 . Published last February 10, 2023. Accessed last February 22, 2023.
5 John Boitnott. “How to Manage and Maximize Your Marketing Budget During Times of Economic Uncertainty”. https://www.entrepreneur.com/growing-a-business/how-to-maximize-your-marketing-budget-in-2023/442470 . Published last January 30, 2023. Accessed last February 22, 2023.
6 John Hall. “How To Use Growth Marketing To Recession-Proof Your Business”. https://www.forbes.com/sites/johnhall/2023/02/19/how-to-use-growth-marketing-to-recession-proof-your-business/?sh=67a2707636cb . Published last February 19, 2023. Accessed last February 21, 2023.