With the uncertainties of Brexit and the re-election causing a number of concerns to businesses and their future how to stay on top of things in a changing economy is proving a challenge. It is no surprise that the consistent message we are hearing is how we can save our business money.
Yes effectively streamlining your expenditure is a smart move, but what is likely to be cut first?
Right at the top of the list is of course marketing budget!
It is a common opinion that amongst other things, spending money on marketing isn’t seen as an essential cost, which is why businesses find it so easy to cut this spend.
But is that actually a clever move?
I am not going to start spouting on about how it is a bad idea to not spend money on marketing, because of course that is what I would say working for a marketing agency. What I am going to explain is how you need to be smart with your marketing budget, and invest it in the most effective platforms or mediums, and in the most effective and optimised manner.
Standing Out from Your Competitors
Let me get you thinking:
Your industry is like a boxing ring, and what do you want to be after all your fights – the number one champion of the world! But to get there you have to have fight after fight, and come up against what can be some fierce competition.
Now in a boxing ring you’re not just going to lie down, not do anything, and admit defeat are you? Well the same thing goes for your business, if you want to outshine your competitors and be one of the go to companies for your product or service, you have to get up and fight. How do you achieve that?
- By having a plan of how to be a champion in your industry
- By knowing your competitors – their strengths and their weaknesses
- By understanding how to change and stay ahead of those competitors
When times get tough, this is when you need to push the hardest to make sure you stand out from the crowd. If you understand what your competitors are doing to market their business then this can help you find out how you can do it better and what will make you be at the forefront of your customers’ minds instead of them.
Marketing Strategy and Planning
No business should be without a Marketing Strategy and associated plans. Without a strategy in place this is where your business can really fall down as you have not dedicated the time and effort into thinking about:
- what is the best way to market your business;
- who are you marketing to, no campaign is going to be effective if you don’t fully understand who you are trying to reach;
- what are the right channels for you, for instance what would be the point in focusing on print advertising when your audience are all using social media;
- How are you going to run campaigns – a non-consistent approach won’t work as your message is only being drip fed to your audience? Plus if you leave the planning of your marketing campaigns to the last minute this is going to leave you stressed, spending valuable time rushing to get it done instead of working on other equally as important activities.
If you don’t understand how you are going to market your business, how can you be expected to achieve the desired results?
Tactical planning and strategy allows you to create effective marketing campaigns which will deliver the right the results, and help reduce any wasted budget.
Being Able to Review and Amend
Producing a marketing strategy will allow you to set realistic targets, which means you are able to effectively measure the results of your marketing activity.
To optimise your marketing you need to be able to measure the results, review and report on these results, and then amend your plans to improve the performance of future action.
It is important that you don’t set your marketing activity for the year in stone for these exact reasons. Especially when trying new forms of marketing or trying to reach new audiences. Yes you can conduct research to educate yourself on what will perform the best but you are always going to be able to better yourselves and what you have done previously.
Our joined up approach and joined up thinking, means that our team can help you not matter what your requirements are.
If you can relate to this blog post and are concerned with how the future is going to impact your business, then it is time for you to join us and get tough.
Whether it is conducting competitor research, creating a marketing strategy and plans, reviewing and updating your current strategy, or all of the above. Get in touch with the team today on 01793 766040 or alternatively fill out our contact form.