Downturn, oil prices, economy, blah blah blah. Everyone keeps asking me: “How is the downturn affecting your business?” Let me tell you. I’m excited about it.
There is never a greater time to inject “smart money” into your marketing than right now. What do I mean by smart? Well, it really comes down to past performance.
Buckle down folks and take a deep look into your marketing efforts the past couple of glorious years. Besides spending cash like it was spewing out of the ground, there’s a good chance some of your tactics aren’t working for you.
Look at the metrics and figure out what your top performing tactics have been. SEO? Social? Adwords? Direct sales? Newspaper ads (eeek)? Radio? Networking? Look at the numbers. Talk with your sales team. Evaluate your costs. List them from best to worst.
Now that you know what your top tactics are, it’s time to zero in.
Here’s what you do.
Take your entire budget, less 20%, and focus on those three or four to tactics and hustle like you’ve never hustled before. This is the foundation of your marketing plan for 2015. Stick to it.
Then, take that additional 20% and put it into social media (if you didn’t have this on your list). You cannot afford to not do this. You need to maintain social. No matter what.
Imagine checking out Coke’s Twitter feed or Instagram and seeing posts from 2014. Seriously. Or going to your favourite retailer, checking out their blog, and reading stuff from Christmas. It just doesn’t resonate.
We’ve all come to look at Social as the starting point to our marketing campaigns. It makes sense. It’s low cost, direct engagement with your customers.
Companies with zero budget, but great products (this is important) will still win. Yes it will be hard work. Yes you’ll have to slash budget elsewhere. But you can do it.
Zero in. Focus on what works. Utilize social (connect, engage, inform, listen, say thank you, sell – in a creative way). And you’ll be just fine.