In challenging economic climates, businesses instinctively start to look for areas to cut costs, and more often than not, marketing budgets are among the first to face scrutiny. While the impulse to reduce spending is understandable, the consequences of slashing marketing funds can be far-reaching. Research has shown that companies that maintain or increase their marketing spend during downturns tend to outperform their peers significantly during recovery. For instance, a McGraw-Hill Research analysis of 600 companies from 1980 to 1985 found that businesses which chose to maintain or increase their ad spend during the 1981-1982 recession had over 250% higher sales by 1985 compared to those that cut their marketing budgets.
Yet, acknowledging the reality that not every business has the luxury to maintain, let alone increase, marketing spend, the focus shifts to maximising what you have. If DIY marketing is the path available, then doing it smarter is not just a choice; it’s a necessity.
PRIORITISE LIKE IT’S YOUR JOB
Approach marketing with the seriousness it deserves. It’s not a side hustle or an afterthought; it’s a critical part of your business’s success. Planning your content, ads, and marketing strategies ahead of time can make a significant difference. Ill-conceived efforts are not just a waste of time and money; they can damage your brand’s reputation and desensitize your audience to future campaigns.
Sidenote: our DIY kits for Business Owners are on sale via our store; www.joosdigital.store – you are welcome.
INVEST WISELY
When budgets are tight, every penny counts. Investing in high-quality visuals—photos, videos, and design—can significantly impact your brand’s perception. It’s not just about making things look good; it’s about communicating value, professionalism, and attention to detail. Poorly executed visuals can detract from your message, regardless of its strength.
SMART CONTENT CREATION
Content creation, especially with today’s smartphones, has never been more accessible. Yet, quality still matters. Shooting with the highest frame rate possible, ensuring the lens is clean, and exporting files to fit social media specifications can elevate your content from amateur to professional. These small details can enhance the overall impact of your marketing efforts.
LEVERAGE EMAIL MARKETING
Email marketing remains one of the most effective and cost-efficient ways to reach and engage your audience. Building a robust mailing list and using it wisely can provide an excellent return on investment. It’s not just about sending emails; it’s about maintaining a connection with your audience, offering value, and keeping your brand top of mind.
SMART USE OF AI
Artificial Intelligence (AI) offers unprecedented opportunities to streamline marketing processes, from customer segmentation to content creation. However, it’s essential to use AI as a tool to augment your efforts, not replace them. AI can free up valuable time for strategic thinking and creative work, areas where the human touch remains irreplaceable.
While cutting marketing spend during economic downturns might seem prudent, the long-term implications can hinder recovery and growth. Instead, focusing on smart, strategic marketing efforts that maximise the ROI of every dollar spent can help businesses not only survive but thrive. The key is to approach marketing with the seriousness it deserves, invest wisely, create quality content, leverage cost-effective channels like email, and use technology like AI to streamline operations without losing the personal touch that connects brands with their audiences.
