Cost-Saving Marketing Strategies for Inflationary Times
Denise Grothouse, founder of Perfect Six Marketing, recently shared cost-saving marketing strategies with Kitchen & Bath Design News. Her main advice? Conduct a data-driven analysis of current marketing initiatives and shift resources to the most successful ones.
Understanding the Results of Marketing Strategies
The first step in refining marketing strategy is understanding which initiatives are most successful. The most basic place to start is by asking every client: “How did you find us?”
However, a deeper dig is necessary to truly understand which marketing initiatives are proving most successful. Discern which platforms and messages are yielding the best results by asking the following questions:
- What search engine platform is most lucrative in converting paid advertising leads?
- What social media platforms provide sales conversions?
- What print publications provide the most exposure to your target customers?
- What email topics provide the most engagement?
Adjusting (Not Eliminating) the Marketing Budget
While it may be tempting to save money by cutting the marketing budget—don’t. A marketing decrease also means an exposure decrease which will likely lead to a revenue decrease. The companies that fared best during previous recessions typically maintained their marketing budget and in many cases actually increased it.
Instead of cutting the budget, a cost-saving marketing strategy seeks to allocate it effectively. Begin shifting resources and ramping up the marketing initiatives that the result analysis showed to be most successful.
Diving Deeper into Specific Strategies
As touched on earlier, there are a lot of different platforms and advertising methods to deliver marketing messages. There are various forms of social media, print advertising, and trade shows to name a few, each with unique considerations. Read Denise’s full Marketing Strategies for Inflationary Times article to take a deeper dive into cost-saving techniques for each of these specific strategies.