It has been a turbulent spring, which has affected many marketing budgets. In unsure times, marketing is unfortunately often put on hold. The question is how you make the most of your budget during the autumn.
Every day, we’re bombarded with messages about the tough market. However, this is the perfect time to seize opportunities and gain market shares since a lot of the competition is less active.
It’s important to remember that:
- A sour market doesn’t mean a recession. Most market segments continue to grow, albeit at a slower pace. Some, like food and pharmaceuticals, may see changes, but people still need to eat and we are becoming sick. And some, like defence and data centers, are hotter than ever.
- The same goes for services. As investment in new equipment is postponed, customers will have a greater need for servicing existing equipment, making service agreements and similar offerings more attractive.
- Geographical markets vary. While some may slow down due to tolls and other restrictions, other markets will expand.
How to get the most out of your budget
Getting most out of your budget is all a matter of prioritization. Here a few recommendations:
1. Focus on changing behavior, not the attitude
It’s easier to change what people do than what they think or feel. For example, getting someone to buy a cheeseburger for 2 euros is easier than convincing them that cheeseburgers are good food.
2. Focus your marketing efforts on the big customers in your market category
While the primary goal of marketing communication is to win new customers, it’s important to prioritize. In many cases, around 25% of companies in a category account for 75% of the total turnover. Focusing on winning these customers is important since, beside having more stable finances, they probably think more long-term.
3. Develop a smarter offer with a lower threshold
During tough economic times, investment budgets are often the first to be cut. To stay competitive, consider developing a smarter offer, including to explore alternative pricing models, such as leasing your product or charging per unit consumed.
4. Invest in smarter communication
Consider investing in smart communication to connect with your customers more efficiently and cost-effectively. For example, would it make more sense to host expert webinars to reach big customers instead of attending expensive trade fairs?
Digital marketing offers a variety of channels and controls that allow you to target specific audiences effectively. From targeting individual companies through account-based marketing (ABM) to reaching a wider audience worldwide, digital communication can be very effective for both your business and your budget.
And if you want to discuss communication that gives you a lot of effect for your bucks, you are always welcome to contact ulf@sfinxagency.se
