COVID-19 isn’t just a public health crisis– it has left us with an economic catastrophe for millions of people. For example, for small business owners, revenue is down 20 percent since January 2020. And to make things more concerning, no one is exactly sure when the economy may rebound.
As a result, businesses are exploring ways to cut costs so that they can stay in operation. One such expense that they may want to trim is marketing. However, eliminating your marketing budget is counter-productive. Instead, you need to brainstorm cost-effective and unique marketing strategies to keep the cash flowing in.
1. Audit and analyze past performance.
Again, when the economy is a little shaky, you may be tempted to scale back on marketing costs. After all, this isn’t a necessary expense, right? However, that’s not suggested as marketing not only helps you sell your products or services, it also improves your reputation and builds loyalty.
In short, don’t completely cut your marketing budget. Rather, be more strategic so that you’re getting the most bang for your buck. And, a simple way to achieve that would be by reviewing past data and analytics for future marketing plans.