Cutting SMM budgets: where can you save?
Posted: Tue Dec 17, 2024 4:04 am
With problems halting businesses across the country, Russian marketers and entrepreneurs are facing budget cuts or other restrictions. But reduced funding and the inability to use familiar platforms and tools does not necessarily mean less impact on audiences.
If your marketing budget has been cut, you can still promote your business and increase sales.
Analyze budget cuts
Before you start brainstorming new ideas and tactics, you should analyze your new budget and determine how much funding has been cut. Then decide which campaigns, strategies, and tools to eliminate.
Marketing recovers in times of crisis: low-efficiency, expensive america cell phone number list marketing strategies and tools are the first to go. Expensive, ineffective tactics are not the intended use of a marketing budget in any case.
Once you have identified your “weakest links,” look at how much your ad spend has dropped . If you have less investment in social media, display advertising, or pay-per-click advertising, it’s time to get creative and figure out how to maximize your spend to achieve better results.
Having a basic understanding of your new budget will help you make marketing decisions in the near future. With less money to work with, you'll have to be more crafty and time your efforts.
Identify the most effective marketing channels and strategies
From the remaining marketing channels and strategies, determine which ones are producing the best results. See how much you are spending and what the average ROI is for each tactic.
After carefully analyzing your most effective channels and strategies, you have a tough decision to make. You can focus your entire budget on the channels you know are delivering results, or… you can allocate some funds to explore new ways to market your business within a limited budget.
Many marketers would rather focus only on what works. After all, why mess with something that works, right?
But if you're the type of marketer who sees budget cuts as an opportunity to get creative and explore new marketing ideas, you can. Alternatively, take advantage of free and accessible marketing tactics.
If you've been spoiled with a huge marketing budget with endless possibilities, cutting your budget may seem like the end of the world. Don't panic! There are plenty of free and accessible marketing strategies out there . Many of the same strategies you've invested in can be implemented without spending a dime on advertising.
If your marketing budget has been cut, you can still promote your business and increase sales.
Analyze budget cuts
Before you start brainstorming new ideas and tactics, you should analyze your new budget and determine how much funding has been cut. Then decide which campaigns, strategies, and tools to eliminate.
Marketing recovers in times of crisis: low-efficiency, expensive america cell phone number list marketing strategies and tools are the first to go. Expensive, ineffective tactics are not the intended use of a marketing budget in any case.
Once you have identified your “weakest links,” look at how much your ad spend has dropped . If you have less investment in social media, display advertising, or pay-per-click advertising, it’s time to get creative and figure out how to maximize your spend to achieve better results.
Having a basic understanding of your new budget will help you make marketing decisions in the near future. With less money to work with, you'll have to be more crafty and time your efforts.
Identify the most effective marketing channels and strategies
From the remaining marketing channels and strategies, determine which ones are producing the best results. See how much you are spending and what the average ROI is for each tactic.
After carefully analyzing your most effective channels and strategies, you have a tough decision to make. You can focus your entire budget on the channels you know are delivering results, or… you can allocate some funds to explore new ways to market your business within a limited budget.
Many marketers would rather focus only on what works. After all, why mess with something that works, right?
But if you're the type of marketer who sees budget cuts as an opportunity to get creative and explore new marketing ideas, you can. Alternatively, take advantage of free and accessible marketing tactics.
If you've been spoiled with a huge marketing budget with endless possibilities, cutting your budget may seem like the end of the world. Don't panic! There are plenty of free and accessible marketing strategies out there . Many of the same strategies you've invested in can be implemented without spending a dime on advertising.