The right marketing strategy can make or break your company’s entire performance. No matter what product or service you sell, it won’t mean much if you can’t get it in front of the right audience. This is one of the many reasons why companies in 2022 spend approximately 13.6% of their revenue on marketing.
However, marketing can become more complicated during times of poor economic performance. That’s why we’ve developed a brief guide on how you can create a solid digital marketing strategy to improve lead generation. Let’s explore the key information you need to know.
Reassess Your Audience
Your audience is likely less willing to spend money than they previously were. Therefore, you may need to adjust your target demographic to maintain your marketing performance.
For instance, let’s assume you own a brand that typically focuses on males between the ages of 18 and 21. People in this demographic are either still in school or have just started working, meaning they don’t have a ton of disposable income. And during times of poor economic performance, they have even less. You don’t have to change your target demographic, but you need to understand they likely have few pain points.
Avoid Cutting Your Marketing Budget
It can be tempting to slash your marketing budget when the economy isn’t doing well. However, allocating money to Facebook advertising and Google Ads can still provide a substantial return on investment (ROI). Do your best to keep your budget the same, even if it means reducing spending in other areas.
Leverage Existing Customers
It costs much less to leverage existing companies than to acquire new ones. If you have a list of untapped leads, focus on these individuals before spending money on advertising.
You can also reach out to previous buyers and offer them deals. If everything goes well, you won’t have to worry about acquiring new customers at all.
Don’t Rebrand
Some companies make the mistake of branding when the economy performs poorly. Since they’re changing so many other aspects of their business, they believe it’s also appropriate to rebrand.
Under most circumstances, this will only hurt your performance because, during economic uncertainty, consumers look for consistency.
If you’ve shown your brand is inconsistent, you won’t resonate with them the way you should. Instead, you should double down on your existing branding efforts and convey that your company can weather the storm.
Gather User Feedback
When people are less willing to spend money, they’ll perform greater research before making a purchase. In context, this means someone will likely sift through countless user reviews before choosing a particular brand. The more customer feedback you have, the more trust your audience will place in your business. This could dictate whether they purchase from you or a competitor.
To encourage user reviews, one of the best methods is to simply ask. You can do so after someone makes a purchase, during your email marketing campaign, or even on social media. Regardless of how you obtain them, user reviews go a long way toward keeping your marketing effective during periods of hardship.
Create a Solid Content Strategy
Creating a content strategy is a cost-effective way to get your brand in front of the right people. When handled correctly, it can be one of the best-performing tactics you use.
Content marketing strategy development has three segments:
- Discovery
- Planning
- Creativity
Let’s explore these in detail below.
Discovery
During this part of the process, you’ll review your business goals and establish your needs. You’ll also audit your current content to discern areas that could be improved.
For example, you might find that you don’t post often enough, or the topics you choose aren’t as relevant as they should be. The discovery phase is also when you’ll assess your current tech stack. Consider adding new tools if it’s practical to do so.
Planning
During the planning stage, you’ll identify audience personas. This provides a detailed look into their tendencies, needs, and the way they think.
Now is the time to create your content pipeline. Develop a schedule of the type of content you wish to create and when you plan to publish it.
Companies also use this part of the process to delegate work to team members. Assembling the right team is crucial, so take this obligation seriously.
Creativity
Once the creative segment of the process begins, you can brainstorm campaigns and create your editorial calendar. It’s imperative to optimize your content creation process. This will prevent you from falling behind.
It’s also essential to emphasize high-quality content. Your content strategy won’t meet your needs if your content isn’t interesting and relevant.
If you aren’t sure where to start, check out what your competitors are doing. This will provide valuable insight.
Work with a Professional
Working with a professional is the best way to get started. While it’s possible to handle your marketing strategy on your own, it isn’t the recommended course of action.
When searching for someone to hire, consider their past reputation. Reading the feedback other people have to give will help you make better decisions.
Ask about their pricing structure before choosing a firm. You typically get what you pay for regarding marketing services, and it’s never recommended to choose the cheapest options. However, you also don’t need to spend as much money as possible. Somewhere in the middle of the price range can meet your needs.
How enthusiastic are they about helping you reach your goals? If they don’t seem to care about taking your performance to the next level, continue your search elsewhere.
Don’t Neglect Your Marketing Strategy
Having the right marketing strategy in place is essential when the economy isn’t performing well. The tips in this guide will ensure you make the most of the opportunities available to your business. From here, you’ll hit target metrics like never before.
Red Stone Studio aims to exceed all of our clients’ expectations. We deliver fast results that don’t sacrifice quality. You can learn more about the benefits we offer when you get in touch with us today.
