When the economy isn’t doing so well, or when a business faces internal challenges and declining performance, the instinctive response would be to hunker down and cut expenses wherever possible. Often, one of the first to go is the budget for marketing, mistakenly viewed as a nice-to-have and not a need-to-have.
And what a costly mistake that would be. Nielsen states that going off-air costs a brand 2% of their long-term revenue per quarter. When media efforts are resumed, it will take three to five years to recover.
Decades of research has shown that reducing marketing efforts is counterintuitive, and that businesses that maintain or increase their marketing during challenging times consistently outperform those that pull back. Proactive marketing response yields rewards.
Keep Marketing Momentum Going
Whether facing external economic pressures or internal performance issues, marketing and branding efforts are even more critical, not less.
This goes for SMEs and industry giants alike. In recent years, Nike seemed to have dropped the ball in certain aspects of their business, inadvertently creating a void in the sports footwear space. This allowed brands like Hoka and On to fill that gap, and while Nike still maintains a substantial market dominance, the lesson is clear: When you don’t stay on top of your game, your competitors gain the market share you’re surrendering.
However, if you’re not operating with the unlimited budget of a global corporation, the tactics will look a bit different. Luckily, impactful marketing isn’t solely the domain of the Fortune 500. Significant results can be had even when finances are tight
Why Digital Marketing Makes Financial Sense
If you do need to cut costs, there are smarter ways to get more bang for your marketing buck. Digital marketing probably has the widest reach today, and you can track every dollar spent and measure tangible results. For instance, Search Engine Optimization (SEO) helps your business get found when people are actively searching for your products and services. While SEO takes time to build, once established, it’s an incredibly cost-effective way to continuously attract customers without ongoing advertising expenses.
On the other hand, Pay-Per-Click (PPC) ads can offer immediate impact. You can launch a campaign and start seeing traffic in a few hours. This level of control is invaluable when the cash flow is low. Meanwhile, maintaining a strong presence on social media allows you to stay connected with customers and build your brand.
Some businesses prefer to do SEO and content that builds over time. Others get by with social media almost exclusively. Most successful businesses, however, use a mix. Your precise strategy will depend on your unique needs, but digital marketing remains an invaluable tool for brand visibility, regardless of budget size.
Outsource Digital Marketing = Save More
A comprehensive digital marketing strategy requires expertise in SEO, PPC campaigns, social media management, graphic design, web development, analytics, and more. Building this kind of specialized team in-house would cost a fortune in salaries, benefits, and training.
Outsourcing, especially in countries like the Philippines, offers access to all these specialists for a fraction of the cost, letting you pay for exactly what you need without the overhead of full-time employees in higher-cost countries.
In addition, the platforms used in digital marketing change constantly, like Google’s algorithms and new features on social media platforms. Specialist digital marketing teams stay on top of this stuff because it’s their job, while an internal team often typically balances a range of priorities and may not have the bandwidth for such concentrated efforts.
Optimizing Your Digital Marketing Budget
Cutting marketing isn’t usually a good idea, even when things are a little tough financially. Instead, the goal is to make sure that every dollar you do spend on marketing works harder. Figuring out how that will work for your business may take trial and error, but outsourcing a professional digital marketing team will help you get there faster, saving you money and invaluable time.
This is exactly where RipeConcepts makes a difference. For over a decade, we’ve delivered real results for all kinds of businesses, from smaller companies to global enterprises. Combined with our web development, design, and other specialized teams, we’re confident we can help you achieve your goals.
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