Marketing Budgets: Why They’re the First Cost Cut, and Why They Should Be the Last
When successful businesses hit a wall and growth becomes stagnant, they might think about slowing their online marketing efforts as they regroup. Does this seem like the best move for your company?
Digital marketing is the lifeblood of every business. If you slow the digital marketing machine, you’ll make it hard for potential customers to find you. So instead of cutting your marketing budget first, it should honestly be the last thing to go.
Think about it. As Quality Logo Products comments: There’s a lot that goes into picking the right promotional product for your business. Let’s say you typically send out promotional products after a prospect opts in to your sales funnel. This digital marketing campaign brings your company consistent new business on a daily basis. Why would you intentionally hobble this lead source?
For all you know, this online marketing campaign may end up bringing you your biggest client to date. You’ll end up adding serious revenue to an already healthy bottom line. But it won’t happen if you decimate your marketing budget.
Every business must keep this in mind, especially when they’ve reached a plateau. You may need to change your online marketing tactics to get the lead gen machine firing on all cylinders again, so you shouldn’t kill your marketing budget altogether. You’re effectively killing your company in the process and that’s obviously the wrong way to see continued growth.
Still aren’t convinced you shouldn’t slash your marketing budget? We’ll share more inbound marketing benefits you’ve potentially overlooked.
1.Digital Advertising Helps Companies Create a Strong Brand
Developing a presence online is incredibly important because it helps create a strong brand for your business. When you create a consistent marketing message and mission statement that you share over and over with potential customers, eventually it begins to seep into the public’s consciousness and you become known for your message.
As an example, let’s say you want the world to know your company is environmentally friendly. You’re doing your best to attract a green audience because it’s something you really care about and want the world to know this is how you run your company.
If you create marketing campaigns that focus on how friendly your company is to the environment, you will eventually prove this truth to your website visitors. You will become known as a green company and everyone interested in protecting the environment will gladly purchase your products and services online as long as you live up to your mission statement.
This is just one example of creating a strong brand through inbound marketing. You can focus on other important business aspects if you prefer. As an example, if you want prospects to know you provide 24/7/365 emergency services, make this a big focal point in your content and before long it’s what your company will become known for.
At the end of the day, if you diminish your online lead generation budget you’re effectively making it difficult to develop a strong brand. So think about cutting back in other areas first before you cut back on lead generation opportunities and business branding efforts.
2. Consistently Share Your Message with Your Potential Audience
Instead of backing away from online activities by cutting your marketing budget, you should think about adding to it since aren’t reaching your target market as effectively. The best way to reach your target audience is online, so cutting your budget is going to make it nearly impossible to reach prospects who really need to hear your message the most.
You can’t implement a lead gen and nurturing campaign once or twice and expect unlimited success. On the contrary, you need a monthly marketing budget and use the whole thing to get your message in front of prospects online over and over again. When you do so, you will begin to develop brand and name recognition, people will get to know your company better, and before long they’ll begin trusting you. Once you’ve established this trust factor with your audience, they’ll have no problem buying your products and services online on a regular basis.
On the other hand, if you continue to fail at consistently sharing content on a regular basis, you will consistently fail to grow to new heights. While expanding, if your content isn’t marketed to new potential customers regularly, prospects won’t find you unless it happens by accident. That isn’t the best way to run a business by any means, so it’s necessary to keep your marketing budget intact. Better yet, add to it as you gather data, tweak your website design, and learn more about the best areas to focus your digital marketing efforts.
3. It’s the Perfect Way to Let Your Customers Know about Special Promotions and Sales
Every so often your company is going to run a special promotion or sale. Maybe you’ve just created a brand-new product and during the launch phase you intend to offer it at a heavily discounted price. If you cut your marketing budget to ribbons, you’ll have no way of letting your audience know about your hot new offering at rock bottom prices.
Again, if your company is struggling to achieve bigger levels of growth, it may be best to test and tweak other online marketing methods instead of cutting your budget altogether. See what tactics aren’t effective and get rid of them entirely. Instead, use that money to promote your business online using better, more effective methods based on data, not hopes, dreams and hunches.
Before long, your business will begin hitting bigger growth targets because you’ve taken the necessary steps to eliminate negative marketing tactics that don’t work. You’ve instead focused on testing different strategies like social media, search engine optimization, content marketing, guest posting and more to see if they’ll fair any better.
Remember, there’s no guarantees in this life. These new methods might not work, but you have to give them a try in order to find out. To do so, you need your marketing budget intact, so avoid cutting it and test other online opportunities instead.
Forget about ditching your marketing budget. Instead, eliminate other expenses as you continue pounding the online pavement as your work your way to bigger and better success. Contact one of Denver’s best digital agencies to learn more about how we can help you reduce costs while still keeping your marketing campaigns alive and well.