Businesses are looking for ways to save money. Many small businesses were hit hard during the COVID-19 pandemic, and things are not seeming to get much better as we enter a possible economic recession. Here are several important ways your business can optimize its marketing strategy to save money and prepare for a recession.
Cut spending on unused subscriptions
Be sure to cut spending on any unnecessary or unused subscriptions or platforms you may have. It’s not rare for us to purchase something intending to use it but never do. For example, are you paying for marketing materials or a marketing platform that you don’t use? It may be tempting to keep the service around in case you use it in the near future, but doing so can be a waste of money.
Review your advertising strategy
Review your advertising key performance indicators (KPIs) and only spend advertising dollars where you get the best return on investment (ROI). For example, are you running any ineffective Facebook, Instagram or Google ad campaigns? This could be due to irrelevant content, too broad an audience, or a host of other factors.
If you have a customer relationship management system like Hubspot, you can directly view your ROI for each ad campaign. Depending on the advertising platform, you can usually also see relevant statistics within the advertising portal itself.
Utilize retargeting techniques
Audience retargeting can help improve your ROI on advertisements. Retargeting allows you to remarket to the people who are most likely to convert to customers.
For example, let’s say you own a restaurant in Johnson City, Tennessee. Instead of running an ad for everybody interested in food in Johnson City, retargeting allows you to only market to those who have visited your website or social media page before, or are direct connections of those who have.
Whether you are retargeting or not, be sure to carefully review your target audience. Some ads may work well on Facebook but not on Instagram due to the different user demographics. Other ads may work well for young people but not older people. All of these factors can significantly influence whether you are unnecessarily spending on advertising.
Focus on PR
Think about how you can use PR for your advantage. Is your social media strategy optimized for relationship-building and brand positioning? That may mean you use different strategies for each platform. Are you asking customers to leave reviews on Google, Facebook, or Yelp? These can go a long way in getting customers to share their love for your company… for FREE!
Optimize your online presence
Search engine optimization (SEO) is often overlooked by small businesses, but is vital for business growth. Most people today don’t browse the newspaper or junk mail pile for business offerings. They pull out their smartphones and find them from there. The question for you is: Can customers easily find you online?
Remember, your website is best used as a tool. When search engines recognize that your website is authoritative in a particular area, they will promote your site to improve search engine rankings. That means you will need to leverage that tool to your advantage.
Here are a two key ways you can improve your business’s online presence:
Your website shouldn’t be the same as everyone else’s. Does your site contribute something new to the conversation? Make your site’s content relevant, unique, and original.
Local people should be able to find you easily through a regional web search. One easy way to get started on this is by claiming and optimizing your Google Business Profile. Here are a few things you can do to improve your Google profile.
- Add photos of your business (inside and outside)
- Make sure all of your contact information is updated
- Add some of your major products to the products page
- Post occasional photo updates about projects you’re working on, special offers, and website blog content
- Reviews, reviews, reviews! Ask customers to leave a review on your profile. This is huge for local search and customers considering doing business with you.
Marketing during a recession
It’s important not to cut all marketing costs. Instead, look for ways you can save money and continue to see business growth by optimizing your marketing process.
At Veritas Insurance, we help businesses protect themselves against costly claims and litigations. As the economy goes downhill, business insurance is becoming increasingly important. Contact our team if you have questions or would like a free, no-obligation insurance quote for your business.