In an ever-evolving economic climate, it can be challenging to prioritize strategies for marketing your business and/or services. Senior Partner Tom Lee provides the top 5 marketing strategies to implement during an economic downturn.
5 Marketing Strategies
In times of economic uncertainty, smart leaders refocus their company’s sales and marketing efforts to grab market share and grow their business, while others sit on the sidelines.
Successful companies place a greater emphasis on maximizing return on marketing spend during economic downturns. Zozimus has identified five ways any company can get the most bang for their marketing buck.
To maximize marketing budget, try to move your focus further down the sales funnel. Typically, companies spend 40% of their budget on awareness, 35% on consideration and 25% on action. Flip the script when direct sales are more critical than brand awareness and recalibrate your spend to 25% awareness, 35% consideration and 40% action.
Public Relations + Influencer Relations
Brand visibility is vital to remaining relevant and profitable in times of economic tightness. We recommend investing more in media and influencer outreach to increase the visibility of your brand. Both earned media coverage and influencer endorsements offer impactful third-party validation of a brand to your consumers and audience reach alike.
Social Media Marketing
Like longstanding company institutions, an important way to set yourself apart from the competition is through relationship building. We recommend placing more focus on interacting with your customers on social media platforms. Try using your social media channels to build stronger relationships with your customers and amplify all that great media and influencer coverage.
As we saw during COVID, when marketing budgets are tight, organic search traffic is a great equalizer. Organic search is free, and is typically the most valuable type of website traffic, since consumers are purposefully seeking out your brand. Try conducting a technical website audit to fix any issues that are preventing Google from crawling, indexing or ranking your content. This will allow you to show up more consistently in online searches, so your consumers can more easily find you.
Above all marketing advice, it’s always important to use data and analytics to understand your best and worst performing channels. This way you can better allocate spend to maximize returns and make the most of your marketing budget.
Tom is focused on refining and discovering the dreams of clients, while finding the perfect mix of strategic magic. Tom originally joined Zozimus as a senior partner, to head up the public relations sector of the business after years of success in the field. Today, Tom is focused on growing Zozimus with intent and efficiency, by focusing on adding talented thought leaders to the Zoz team, and continuing to explore new industries garnering new clients. When he’s not working with clients, you can catch Tom cheering on his daughter’s sports games or reminiscing about his time in the USA U19 National Rugby team.