The pandemic has severely affected small businesses and the economy as a whole. The few businesses that have been able to keep operating offering their products in alternative ways are challenged with COVID-19 cases on the rise. The moment to maintain relevance and push forward is now! Increasing your digital marketing budget is a great place to start and we’ll show you how.
If your marketing plan seems to be stuck, or undefined, revisions are in order now more than ever. Your digital marketing plan should not be limited to just social media. Marketing is an integrated effort! Here are some pointers to help you optimize your marketing budget and pivot in times of uncertainty:
But first, back to basics. Let’s review the digital marketing strategies you can benefit from as a brand or are currently harnessing:
- Social media
- Email marketing
- SEOs (i.e Google Ads)
- Social Ads
- Define your business goals
It’s essential to remember: Your opportunity will become your goal - Understanding how your business can grow and expand during this time is your superpower! Reinventing your business and what you offer will define your next moves.
- Marketing is NOT a cost - it's an investment
When approaching marketing efforts for your business, one common mistake is viewing it as a cost, rather than an investment. Your marketing budget will bring return on investment that will result in business growth. Call it by its name!
- Analyze your operational costs, and define your budget accordingly
After deep-diving into your business numbers, find what you can allocate towards your current marketing budget. This number doesn’t necessarily exist at the moment, meaning, even if you don’t have an extra budget for marketing laying around right now, learning where you stand will help you identify what the monthly number can be for you.
Key benefit: By giving your brand an x-ray, you can start making money moves that will give your business the needed results.
Why: Marketing budgets are not a magic number that repeats itself. It’s a magic number you keep adjusting according to your goals and what you can spend. Determining what a healthy investment would be should be based on what you want to earn or increase in revenue and profitability.
What we suggest: Establish a 3-month and 6-month budget as a minimum. Strategies start working at a 3-month pace! Keep in mind that repetition increases reach, views, and other KPIs that will lead to conversions.
- Where does your brand exist currently? Let’s talk about online presence.
A lot of what goes into marketing is harnessed digitally, especially during the pandemic. So, where does your brand live right now? If your channels are mostly offline, meaning storefront or several locations, the answer is: you need to be everywhere.
Being everywhere means visibility for your brand and your products. By having a well-distributed marketing budget, your online presence can be instantly maximized to be where your audience is and where they buy your products from (both different places, btw!).
Investing in your online channels, such as social media and websites will guarantee your products and services will be seen and drive sales.
Key benefit: Being everywhere is better than being in the wrong places.
Why: Your presence should be everywhere your audience is, no matter what. Being omnipresent as a brand is part of a bigger picture towards business goals such as brand recognition and brand awareness - oh! And those sales you were looking to increase of course.
What we encourage: Create or update your webpage constantly; navigate landing pages as a lead funnel, and stay connected with platforms that will work for you, including but not limited to Google Analytics.
- Your marketing budget will work overtime for you.
Quite literally, marketing efforts provide results and return on investment over time. Investing today doesn’t mean your business will skyrocket tomorrow. Learning to invest and adjust to trends, current events, and business stages is always key.
Key benefit: Iteration will lead to the answer!
Why: As we navigate this new reality, our online presence becomes more important. Digital strategies can fluctuate in lifespan, meaning you can change it up until you find what works best for your business.
Our experience at Muuaaa has enabled us to start seeing steady results after 6 months of continued efforts and iteration.
What we encourage: A/B Testing! As a pro-tip, start adapting your brand voice and messages to different platforms when running ads. Something as simple as changing your copies, or text will give you insights towards better results. You can also iterate with images, so stay on the lookout for trends and put them to the test.
Millions can be invested in the wrong areas bringing less than amazing results, while hundreds at a time, with the right tools and destinations can work wonders for your business. Be prepared to iterate with your marketing budget.
As the markets shift, your client is out there with new needs! The moment to boost your budget is now. With an increase in marketing budget, your business will be the first they consider. If your business is fortunate enough to stay open during these times, increasing your digital marketing budget will help you reach your goals at a steady pace.
At Muuaaa, we help brands optimize their online presence through branding, marketing, and retail architecture. Contact us at firstname.lastname@example.org to learn how we can build your brand’s omnichannel.