As digital marketing is continuously on the rise, customers’ expectations of personalised interactions aimed at their specific needs has taken a huge leap too.
Add to all this a significant pullback in digital advertising spend due to the cost-of-living crisis, it’s clear why marketers face a truly disorienting landscape.
A recent study in the UK found that 47% of UK tech leaders are looking to reduce marketing spend as a result of the cost-of-living crisis, and 83% have shown concerns about the state of their business due to the current climate.1
If you’re one of those businesses looking to rethink your marketing strategies, we’re here to reassure you that there are so many things you can do to stretch your budget that little bit further (some of them even being free!).
Smaller marketing budgets don’t necessarily have to mean a reduction in ROI. It’s all about being savvy and spending your budgets in the right places.
Below are our top 5 recommendations:
- Repurpose existing content – You can remain relevant and keep that content engine flowing without having to continuously produce brand-new copy. For instance, do you have a whitepaper that could be turned into several blogs? Or a long form video that could be recreated into a series of bite-size editions?
- Focus digitally – With less people going out and spending money, digital marketing has its place in the spotlight once again. Capitalising across a range of digital platforms that are cost efficient and support your long-term goals is the way to go.
- Consider media buying – This guarantees leads in an increasingly competitive world. Knowing that you are connecting with customers that fit the criteria and have shown a readiness to purchase is a powerful tool. While media buying comes at a cost, ROI is high. Additionally, if you have a lead nurture programme in place it can be highly effective in generating new business.
- Increase your content marketing – Do you have people that can produce content that is of a technical nature? Producing regular, insightful, and knowledgeable content that cuts through the noise has never been more important.
- Unlock the full power of social media – Make social media work for you — for FREE. Posting regularly, engaging with your audience, and making employees work harder will help add to your social following without testing the purse strings.
Download our recent infographic to read even more tips and tricks that you can apply to get more bang for your marketing buck for the remainder of 2023.
Sources: 1) Business Leader