Uncertain market: how companies are cutting costs in marketing
When global prosperity gets a bit frothy, marketing becomes a challenging activity for any marketer. Low income, doubts about the future, transitioning lifestyles, consumption patterns, are some of the reasons that affect marketing and sales. With downturns in the economy like the global pandemic, and the conflict between nations, consumers are now facing a new set of challenges.
All these factors have affected consumer buying behavior and their purchasing patterns considerably. The extent to predict these metrics is diminishing each day, which in turn makes the future and the market uncertain more than ever.
To combat these hurdles companies have been trying to cut costs in all departments. As marketing is an integral part of any business, this blog focuses on how companies can market themselves effectively without the reduction in costs involved. Read on to find out five simple and basic ways cost minimization in marketing is possible during unpredictable times.
- Digital Marketing
Digital Marketing is the most trending and developing medium of marketing that exists right now. Let’s look at social media marketing for instance. With the immense popularity of social media platforms, brands are now looking into influencer marketing as a fresh new approach to reach out to their potential customers.
Focusing on the right social media channel can deliver significant results. Therefore, it is important to identify the right platform that caters to your audience before planning out your social media marketing strategies.
For example – If yours is a business that gains leads and new customers from blogs and long and short-form written content, then having a presence on platforms like Quora can be an ideal way to expand the presence of your brand. This can also help in promoting and creating awareness for your brand to an otherwise untapped audience.
- Use of analytical software
To ensure a high rate of conversions, it is crucial to narrow down your target customers. This is possible with analytical software like SAP BusinessObjects, Tableau, Google Data Studio, and Google Analytics. Each of these tools provides insights into the type of consumers who have interacted with your content or your website.
This can be further classified based on age, location, gender, nationality, lifestyle, income level, interest, preferences, and more. Once your customer base is identified and segmented, your marketing activities should be created with the aim to target these customer segments as a priority.
Pro tip: Create content that engages the target segment in a way that they are persuaded to visit your profile, website, and social media platforms ultimately making a purchase. This method reduces the risk of producing marketing content that isn’t received by enough people due to a lack of targeting and segmenting.
- Remote working
With the onset of the pandemic in recent years, people have become increasingly comfortable with the remote way of working. This method is more convenient for the employee and the employer as costs can be cut in terms of office logistics and other miscellaneous expenses. Hiring a remote marketing team also removes the expense of relocating employees from one place to another.
A remote marketing team brings in more opportunities than limitations which makes it a profitable cost-cutting measure for your business. It also gives the business an opportunity to expand and tap global markets thereby drawing in customers from across the globe.
- Referral Marketing
Another solution to marketing on a budget is through a traditional marketing strategy but
with a modern twist. This method has become quite popular and it involves organic marketing. Referral marketing is a good strategy option that can help you get new customers without investing a lot in marketing. This strategy involves giving incentives to existing customers when they refer your brand’s product, offerings or services to others.
These incentives could be in the form of discounts, reward points in the loyalty program, vouchers, and more. This is a very effective way to enhance public relations for a company.
Referral marketing also gives the brand an idea of how satisfied its existing customers are with its product and services. Yet again bringing in profitable options for the company to promote itself.
- Artificial Intelligence (AI)
Artificial intelligence (AI) is an innovative method of marketing that provides more actionable insights that can help to optimize your marketing plans. In simpler words, Artificial Intelligence is an innovative use of technology to help businesses in problem-solving and effective decision-making.
Robotic Marketer is a perfect example of a tool designed to develop a marketing strategy for your business that is competitive to make you stand out amongst your competitors. Robotic Marketer marketing strategies are smarter, more intuitive, and big data-based, with in-depth analysis of competitors and the market.
Robotic Marketer technology guarantees that you will receive the best robot-possible marketing strategy with the added benefits of a marketing consultant. Now that’s what we call a good mix of innovation and technology.
These were a few ways your company can emerge profitable even in terms of crisis. If implemented properly, these solutions are extremely effective for your business. Last but not the least, keep your chin up! Uncertainty is tough, but it’s never the end of the world.
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