How to Make Every Marketing Dollar Count During a Crisis
Updated: Apr 26, 2020
If you stop investing, your company won't make it through the long night.
Not even the most well-prepared businesses have the resources to hunker down and wait out a months-long crisis. Stop investing in marketing, though, and your company won’t make it through the long night of the coronavirus pandemic. The only way to survive is to keep pushing forward.
The country won't return to normal before the landscape of business is changed forever and we see unknown changes for our most loved brands, as well as losses of double-digit percentages of small businesses. To avoid joining that number, you must make the most of every dollar in your budget — especially your marketing budget. Consumers have plenty of time to pay attention in quarantine, but with unemployment on the rise, businesses are competing for far fewer dollars than they were in 2019.
Buyers will only spend their money on products and services they're really compelled to purchase and those they need and trust.
Earn your place as a necessity and a trusted brand, without spending money you don’t have, by following these marketing budget tips.
Recalibrate your budget to account for new realities
Pay for performance, not for the brand
Double down on winners, and increase experimentation
The COVID-19 pandemic will end one day, but companies that fail to optimize their budgets in the meantime won't survive to see the sunrise. Make the most of your marketing budget during these hard times, and use the lessons you learn to inform your strategy when the winds finally shift.
Read More here: entrepreneur.com