Sales of goods and services have dropped sharply since the fear of recession began, but that doesn't mean marketers should abandon their efforts. In fact, there are several things marketers can do to weather the storm.
Here are three critical mistakes to avoid:
1. Don't cut all your marketing spending. It may be tempting to slash marketing spending in an effort to save money, but this can be a critical mistake. Brands need to continue investing in marketing to maintain visibility and stay top of mind with consumers.
Rather than panicking and cutting, consider rotating in fresh creative and messaging while adjusting bidding. Go through all the usual optimization options you normally would, and resist the urge to delete without understanding the real performance of your campaigns.
When it comes to B2B, where data density takes longer to build, set up some high-volume growth indicators that can be used to obtain information faster.
Optimization techniques such as optimizing the click bid to improve the cost per click, optimizing the cost per lead, and monitoring the CTR, need to be applied to improve the campaign's performance.
2. Don't abandon traditional marketing channels.
Just because consumers are spending less doesn't mean they're not still interested in your services. Marketers need to continue to reach out to consumers through traditional channels such as print, television, and even events. Also, keep in mind that according to marketing statistics, people remember traditional ads, particularly print ads like flyers, brochures and posters, better than online ads.
3. Don't forget about digital marketing.
Even though consumers may be spending less money, they're still spending time online. Marketers need to make sure they're reaching consumers where they are by investing in digital marketing efforts such as search engine optimization, social media marketing, and online advertising. If you are a B2B company, Linkedin is one of the most effective online channels that you shouldn't ignore to reach targeted audiences even during the most difficult economic times.
Thanks for reading!