One of the biggest issues facing marketing departments right now is your budgets have been slashed. Higher business costs and lower-than-normal sales or expected sales have been hugely consequential for businesses.
Marketing teams have been cut and hiring freezes have been put in place as businesses try to prepare for the worst. It’s a natural response to the significant changes and the media focus on the cost of living framing public discourse.
But how are you expected to deliver strong revenue results with a smaller-than-usual budget?
Be prepared to think differently.
Change up your marketing strategy
Now is not a normal time, so why think like you always have? Similarly to the pandemic, the cost of living crisis is transforming society. Take a step back from repeating the marketing approach you have always followed. View this difficulty as a positive chance to shake up how you approach your marketing.
With earned media, you need less investment for a greater ROI. PR experts craft your story into newsworthy content that earns its place in the media without payment. PR is a more cost-effective way to get your brand out there while also educating your audience.
What are your third-party costs?
Large agencies can take a huge chunk of your marketing budget. At small agencies, you have experts who bring you their big agency experience with global household names to you for a more competitive price. The smaller size means fewer overheads and fewer layers of approval meaning we can make things happen fast. We become not just your PR agency but your marketing consultant.
The past three years have been a time of change making it hard for companies to have a five-year plan. This makes companies hesitant to hire. A partnership with an agency provides a significant amount of flexibility with a team of experts.
Appeal to conscious shoppers
Consumers are shopping differently. Recent research from Google revealed that 6 in ten (63%) consumers are planning on searching more because of higher prices. You can take this opportunity to capture conscious shoppers by optimising your SEO and being recommended by journalists. Media round-ups and review features of the best products appear high when a potential customer searches for the best product as the publications have great SEO. When your website is linked to or company name-checked by one of these high-ranking websites it will boost your SEO.
The research also found that some consumers are shifting loyalty from their usual brands and retailers, in order to cut costs. Brand loyalty is an impactful factor in spending decisions. Now is your opportunity to showcase your value and why customers should shop with you instead of their firm favourites. An investment in your PR now means you could hook customers' loyalty for life.
If you want to discover how your marketing budget could be used most efficiently, you can book a free PR Strategy Audit with us. We’ll analyse your strategy and suggest how it could be optimised.