As COVID-19 Pandemic is changing the way we work, live, and play, companies are grappling with what the new norm is. Companies are going to have to make some hard decisions - will we have to furlough employees, layoffs, cut budgets, cut back on marketing? I have been in marketing for 17 years, and I have seen time and again, scared companies cut marketing budgets first.
There are many reasons cutting marketing should be one of the last things to cut. Marketing and business development are intertwined more than ever before. Business development teams’ appetites continue for high-quality leads to be delivered to them to make the sales process more streamlined. Clients are happier when they are met where they are in the sales process. Marketers are more intrinsically connected to sales than ever before.
I am one that runs my car until the red “fuel” indicator light comes on and the digital display reader says ---- miles left. I like to push things to the limit. (I’ve only run out of gas one time…ok, maybe twice…but that was my wife's car, and I didn't know it was on E.) I would not, however, siphon the tank and expect my car to run. In a time when sales are critical, making sure the marketing fuel tank is full is more critical than ever.
Take this time to look at your marketing. Here are a few things you should check in on:
1) Look at your sales funnels and determine if they are efficient and if there are ways they can look more like a flywheel than a funnel.
2) Review your campaigns’ analytics and see where you are losing potential buyers. Look at email open rates and think of ways to recapture your audience. (here is a link to the components needed to run an inbound campaign: 10 Critical Components of Inbound Marketing Campaigns)
3) Take a second look at your current client database and create an email campaign geared specifically to them (how can you up-sell, reengage or request for a referral).
4) Look through old blogs and refresh the content, or what we call “up-cycle” your content.
5) Get business development involved with the marketing conversation. What are clients asking for, what is trending, what can marketing do to help?
Now, more than ever, you need to supercharge your business. So before you make cuts, it may be time to double down on your marketing. This crisis will pass and we want to make sure your company is ready to roll when it does!