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How to reshape your marketing budget in economically uncertain times?

How To Reshape Your Marketing Budget3

Three steps to do this

We’re all talking about the same thing: sales are not where they used to be, in the last months.

Economic uncertainty is this year’s curse, but we have to face the fact that it’s here to stay and, the sooner we learn how to live with it, the better will (and we’ll) be.

But how can you do that when it affects every aspect of your business, starting from your actions, your engagement and, ultimately – or should I say, most importantly – your sales?

Well, there are a few things we’ve tried, together with our partners, in the last few months and we’re more than happy to share them with you:

1. Plan, think, observe, measure and plan again. Do not engage in any campaign or activity that is not thoroughly planned beforehand, because times of economic uncertainty are not times to experiment just about anything, in any conditions.

Set up a plan with the most important types of campaigns that have proven their efficiency up until now and try to make them even better. You can focus on lookalike or video campaigns – from our experience, they’ve proven to be the most efficient ones, in the last months.

Also, do not make your communication all about sales and products or services. Try to fit into your audience’s shoes, really think about what would be interesting and helpful for them, and use that in your Social Media posts and campaigns. A good advice or a piece of interesting information can really make your audience stop scrolling down their Social Media Feeds. About that, have you seen ‘The Social Dilemma’ on Netflix? It presents a really interesting approach on our addiction to scrolling.

2. Sometimes you just cannot increase sales, but you can optimize costs. And that’s the same as valuable. Efficiency is the word.

If, in any given context, you would have tested certain types of campaigns for 2-3 months in a row, you might find it hard to continue to do that. A good technique can be reducing your testing intervals to 4-6 weeks and optimize campaigns weekly – especially if you have a recently launched business or a niche market.

Although it requires more time and highs and lows in results will be a little more difficult to interpret and analyze (since you will have much less data to work with), it might be more appropriate in this situation, from a financial point of view. Of course, you should have a certain degree of experience in optimizing campaigns and understanding Social Media trends, algorithms and behavior. If you don’t, we can help you with that, just send us a message.

3. Listen to what your audience is telling you. Perhaps, the most important part of all, and really more important than ever, in these times.

Talk to your customers, ask them ‘why?’ – why did they decide upon that specific product or service, why have they decided to drop their order or make a product return or why are they finding it hard to decide? Then, use all the information you’ve received to rethink and reshape your offer or your campaigns. Speaking about that – there are a lot of creative concepts you can create when you have valuable customers insights. Don’t feel creative enough? Our Loopies can help you with that, also.

In the end, don’t forget – uncertain times are asking for good budgeting skills and creative measures.

Don’t know where to start from or you just want some help in creating your marketing budget?

We’re here to help you – drop us a message.

Sincerely yours,

The Loopies

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