If you had to stop all your marketing activity except for one thing, what would it be?
The first budgets to be cut in a time of economic uncertainty are generally the marketing budgets. If no-one’s spending on nice-to-haves, why are we breaking our backs getting our clever, original messages out? Right?
The economy does feel like it’s giving us a lot of lemons and I won’t even try to argue that now is the time to be bold and experimental with your lemonade. As your business revenue reduces, it certainly makes sense to only spend on activities that you are confident will bring in new business. It’s common sense.
Until now, we have been able to talk about our content strategies and marketing funnels to demonstrate our worth, but the time is coming when we will increasingly need to show commercial awareness and prove real return on investment (ROI) for any marketing activity we undertake. That’s why our team have put together a marketing calculator, which allows marketers to benchmark our marketing budget based on the revenue it will bring to the business.
We’ve also been working with our clients on developing a dashboard to convene and connect all of their key performance indicators for their website in one place (via Google Analytics), Adwords campaigns, social channel engagement and email opens.
What can you do today to win business tomorrow?
If you had to stop every marketing channel or activity you currently employ except one, what would that be? What works better than anything else? Thankfully in the digital age, most marketers are able to answer this question… And the next question should be: so how can you use this channel / activity more creatively in order to make it work harder for you in your hour of need? Don’t just tackle this yourself. Ask your colleagues, your sales team, your operators. Everyone will have a different, and valuable perspective.
If it’s events, can you achieve the same effect virtually with a webinar?
If it’s PPC, when did you last A/B test some new bottom-of-the-funnel offers?
If it’s SEO, what could you achieve with 5 more ‘Page 1’ ranking pieces of content?