When times are tough, one of the first things most companies look at is their marketing budget, says Mark Stecker, CEO of Firewater.
It was recently announced that South Africa is in a recession but believe it or not, now is not the time to cut back.
Uncertain customers need the reassurance of known brands, and it is imperative that your brand is positioned as understanding and confident during these uncertain times. So how do you reassure customers without spending unnecessary money? You invest in a smart digital marketing strategy, where every cent can be accounted for and every result can be measured.
Unlike traditional marketing executions, digital is not only trackable and deliverable, but you are also guaranteed to get a return on your investment if you market your company correctly. It is not about wanting a pretty website or social media presence – it is about thinking about why you need it. Brands need to think about the purpose of a website, email solution or social media presence before they actually start making decisions.
Think like your customers, not like yourself. Companies need to seek professional consultation before throwing their hard-earned money into a new website or marketing campaign. Getting the blueprint for a company’s needs is a vital part of the process and companies need to ensure they have the correct guidance and know the direction they want to head in.
One of the most difficult things about a recession is where to spend any cash you have. Often the first thought it as around bills, staff and other outgoings and so one of the first savings often is from a cut to digital marketing. Digital marketing is what produces customers yet most cut it. When you are doing digital marketing in a recession you need to look to make it more effective, whether that be by trying other channels/avenues or placing your marketing budget into what works and scaling up for when the recession is over.