Even at the best of times, creating a sound marketing budget is a precarious undertaking, but in the era of a global pandemic, economic uncertainty, and wildly changing customer behavior — it may seem an insurmountable goal.
Engaging and far-reaching marketing, however, is the best way to grow your business and can be done on any budget. Things aren’t going back to the way they used to be, so the best way to position yourself for the latter half of 2021 is to go virtual, go social, and make the most of what’s left of your marketing budget with these money-stretching tactics.
Ditch the Trade Shows: Go Virtual
With marketing events around the world being postponed and cancelled, many businesses have had to switch up how they advertise. Digital is the new norm and therefore, virtual events have caught on as the new way to network.
In-person events used to be a staple in the B2B world but fortunately, virtual events are growing in popularity. Not only are they far more cost-effective than renting out a conference centre, but data also shows that 86% of attendees at a virtual event have reported increased engagement when compared with traditional events.
Ramp-Up Social Media
Social media is a powerful tool for any industry. It has the potential to reach millions of people and customers are constantly online looking at images and videos posted by peers and companies every second. The pandemic has caused a massive increase in social media usage among US adults alone.
Having a well planned strategy is the best way to spend your marketing hours on social media. Niche targeting and focusing on your industry is the best way to spend your marketing budget or simply creating your own groups and followings. The sooner your social media presence is established the sooner it can grow into its own self-growing tool.
Take a Walk Down Memory Lane
Take a look at your past marketing campaigns and determine what worked and what didn’t. Jettison the failed or fruitless strategies. Saving past materials can save quite a large portion of your marketing budget, and can even help build brand awareness as returning customers see consistent imagery.
Repurpose Your Material
Why reinvent the wheel, right? Once you’ve determined what campaigns were successful in the past, you can repurpose some of them to create new and updated campaigns for the remainder of the year.
The material used in previous quarters can be easily modified for upcoming holidays and events. As you modify old content, keeping records of what works and what doesn’t work is valuable A/B testing that can improve your marketing returns dramatically.
Issuing replica material isn’t the best idea, but updating portions of materials is a great way to save money while still putting out valuable content and materials to your consumer base.
Invest in Video
Producing quality video marketing campaigns can eat up large chunks of your budget, but adding video to your marketing strategy can be done without even hiring a director.
Customer content and testimonials are easy ways to improve brand authority, and simple cameras can leave a lasting impression. Professional-looking videos don’t necessarily need professional videographers either.
Stock footage and background videos can come together to aid your brand in creating compelling and professional-looking videos that are easily shareable. Combining video with your social media is an easy and cheap way to see returns on your marketing strategy.
Concentrate on Customer Retention
Market uncertainty and rampant unemployment have devastated the household budgets of most consumers over the last year. What this means is that most people will be less likely to risk changing brands, rather than remaining with the familiar.
Focus on nurturing existing customers, instead of acquiring new ones with personalized correspondence (and follow-ups), giveaways, and customer appreciation features on your website.
Times Have Changed
Love it or hate it, the Covid-19 pandemic has forever changed how we live, work, shop, and market our businesses. In 2021, we’ve witnessed the arrival of a “new normal” for which we need to adapt or perish.
The second half of 2021 can be a great opportunity to pivot your marketing strategy, learn new tricks, and make the most of the ever-expanding digital landscape in which the majority of your customers now reside.