Best Rules for Digital Marketing During a Recession
- 1 Best Rules for Digital Marketing During a Recession
Managing your marketing budget in a cost-constrained environment can be both challenging and demanding. However, with so many Experts forecasting the possibility of a recession, marketing budgets would be highly impacted.
So, if you end up in a situation where you are confined to a limited marketing budget, then here’s how you can deal with it. Let’s assume that your company has rolled out its annual digital marketing budget, which you as the Digital Marketing Manager aren’t satisfied with. Since it is quite limited, you are now required to break it down further to ensure optimum utilization.
With limited resources, you need to keep a tab on outsourcing tasks and manage most of them in-house. Now that’s just the tip of the iceberg and a lot more goes into managing a digital marketing budget, effectively. Let us now look at some of the most effective strategies that can help you get the most out of your marketing budget, despite the cost-constrained environment.
Plan Your Subscriptions:
When confined to a limited digital marketing budget, start by minimizing the number of digital marketing tools that your company subscribes to. Let’s face it! Most of these tools offer similar features and there is no point in subscribing to multiple tools. Instead, find one that facilitates maximum functions, and you can save up some serious money.
The key to choosing the right tool lies in choosing one that facilitates your content strategy. So, if your content strategy involves SEO, PPC, Email Campaigns and social media content, then find a tool like SEMrush that can handle all of that. With that, you eliminate the need to subscribe to multiple tools such as keyword research tools, social media poster, etc…
Focus more on your SEO strategy:
There’s nothing as powerful as organic traffic, no matter how popular your brand is. So when you have a limited marketing budget, it is essential that you limit the paid traffic and focus more on drawing visitors, organically.
You can do this by evaluating your previous marketing budget and figuring out money well spent in the past. So, if there was a spike in traffic and revenues, after hiring a certain consultant, do consider reinvesting in those very services. Another way of doing this is through competitor research by making use of certain tools. By taking a sneak peek into what’s working for your competitors, you can develop your own content strategy.
Invest in San Certificates to cut down costs:
Cut down your website management costs by opting for combined solutions like the Subject Alternative Name certificates, better known as SAN certificates. By opting for SAN certificates instead of individual SSL certificates, you can considerably lower your costs, while also securing multiple domains. As the SAN certificates enable encrypted and secure communication, both internally and externally, it helps lower management costs.
Allocate Social Media Budget based on your target audience:
There are a ton of social media platforms available and promoting your products on all of these would be time-consuming and a waste of your marketing budget. The right way of doing this would be by prioritizing those platforms where most of your target audiences are.
So, if you are selling gadgets and your target audience are the millennials, then consider starting with Instagram and Facebook. On the other hand, if you are selling B2B services and wish to connect with Purchase Managers of a sector, then LinkedIn should be the right pick.
Run PPC Campaigns that draw qualified traffic
No digital marketing budget plan is complete without an allocation towards PPC campaigns, so you cannot eliminate this expense. However, with limited resources, you can plan your PPC campaigns in a manner that you get the maximum value out of minimum resources. So, start by pulling out the statistics of the previous years and analyze them.
You need to figure out the platforms that gave you a maximum return on investment (ROI) and assess their current feasibility. For example, back in 2016, Pinterest was hot but now it seems to have lost heat. However, if you sell something that’s focussed on home improvement or weight loss, it can still prove to be a great platform.
Again, no matter which PPC platform you use, you need to avoid reaching out to the masses. Most businesses lose money on PPC campaigns because they target a larger group.
That results in more clicks or impressions and the business is charged accordingly. However, this issue can be tackled by narrowing down to the right target audiences, which increases the conversion rate.
Plan a strong Online PR Strategy:
Public Relations strategies have always been more effective than advertising and also a lot cheaper. That’s largely because a good PR strategy aims at influencing the target’s mindset, while advertising is much more aggressive and focuses on inducing the prospect to make a buying decision.
However, unlike the print media, online PR does not restrict itself to sending out press releases. Instead, it includes creating awareness about your company’s latest offering through established bloggers, columnists, social media influencers, and more.
You can also go ahead and roll out a press release to online newsletter distributors like Vocus, PR Newswire, Business Wire, PR Web, etc… With that, you should be able to create enough brand buzz within a limited marketing budget.
Make use of Sales Funnels:
Before you start your digital marketing campaign, have the right sales funnels in place, with strategically planned upsells and downsells. After all, you don’t want to distract your audiences from the product or service that you are pitching for.
For example, if you are selling a marketing e-book for $500, then you could bundle it up with a digital marketing course worth $500 and offer the two for $700. Conversely, you could offer monthly newsletter subscription for $10 as a downsell.
Also, make it a point to collect email ids and create your very own database. After all, your marketing budget is probably low because your company isn’t doing as well as it used to. In the coming years, this may get worse, and paid traffic may become even more expensive. So, a ready-to-use database of email subscribers is going to help in the long run.
Also, focus on creating a community of prospective buyers, which is directly under your control. You can do this by building up email lists, sending out newsletters, or by having a forum on your company’s website. With that, you can also help your company cut back on selling commissions, which they may otherwise have to pay to eCommerce websites.
Once you have created your digital marketing budget, revaluate it and eliminate any expenditure that may not seem essential. You can do this more effectively by implementing your digital marketing plan in stages. So, start with the platforms or strategies that you are most confident about and later move on to the rest. This should help you identify the right avenues and manage the entire campaign with a limited marketing budget.