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Managing Marketing Budgets During Uncertain Times

These times can mean uncertainty for your business. While we don’t know what the future might bring, what we can do is try to prepare for the future as much as possible. It is essential to find sustainable ways to continue running your business while also being careful about how you manage your marketing budget during a crisis. We have a few ideas that might help you with this. 

UNDERSTAND WHAT’S CHANGED

 The first and most important thing to do is understanding what’s changed. Do your research to understand precisely how consumer behaviour has changed in your segment. We know that consumer finances are affected, which affects spending habits across divisions, especially non-essential items.

There has been a significant shift to online shopping, and media consumption has changed with people spending most of their time at home. 

It’s essential to be wary of consumer sentiment. Remember, we are going through this crisis together, and you should keep this in mind while communicating with your audience.

BUILD ON CAMPAIGNS AND PEOPLE THAT DELIVER 

According to Mckinsey, although media consumption has changed, this doesn’t necessarily mean a higher ROI for digital media spend. It would help if you focused on campaigns that deliver and impact people, rather than trying to sell to them. Understand how you should speak to your consumers.

As marketers, you need to be fast to manage the crisis. Have dedicated teams to manage revenue related activities and short term actions to prioritise the wellbeing of your company. It’s important to understand that consumer behaviour might have changed entirely, so you will need to revisit all your messaging and marketing approach. Understand this new market and work on your campaign accordingly.

Prioritise the products/parts of your business that are most relevant in these days. If this is a big switch where you need to bring something into the front light that never was important before, work on it and prioritise it. You have to meet the need of the hour.

Be quick to deliver. Test and roll out and then study the results, based on that, change or adjust some things.

DIGITAL MARKETING

Don’t be afraid to get creative with your digital channels. It’s imperative to be responsive to the current situation and to communicate with your audience continually. They should feel as though you care about them as well as what’s going on in the world around you. Be active and act with urgency.

Work on your marketing strategy based on these current times, and don’t be afraid to start on campaigns from scratch.

Re-work on what your audience means to your brand. Allow them to relate to you, and you to them, and in this way, you should come across as a team who is going through all this together. 

WORK AS A TEAM

Your company employees’ wellbeing and health are very important at this time. Ensure they are safe and happy and provide them with all opportunity and resources to work remotely effectively. Treating your employees well as well as the consumers can help build loyalty which will help in the long term when things are going back to normal.

Also, make sure everyone in the company is on the same page, from the marketing team to the top CEO and board members.

FINANCIAL TIPS

Try to build upon your cash reserves. Understand what areas you can save up. In terms of marketing, try to be as productive within an allocated budget and ensure you are getting returns for your campaigns. Switch things up depending on response and don’t be afraid to try new things, as discussed earlier. Continue to closely track the performance of each area and allocate budgets according to how well they do. 

Understand what campaigns are performing well and build on those. Ensure you have a clear picture of where all the funds are going 

GET SOME FORESIGHT

Just like consumer behaviour and demands shifted very quickly with the pandemic, expect more shifts once things start to transition back to normal slowly. Be equipped to deal with these new changes.

A good idea can be to do some research into what trends will shift towards so you can make plans accordingly. Another good idea is to make decisions based on your current situation to decide which areas within your company you would like to expand in, or what things you would like to prioritise going forth.

Understand how other brands dealt with the situation and don’t be afraid to go global in your research, don’t just stay local and within your industry. 

 

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