There has been a lot of hubbub in the marketing world recently about the upcoming Government campaign encouraging businesses to cut their marketing spend to allow them to cut prices for consumers amidst the cost of living crisis. Is this a sensible move for any business, and should all marketing activity be treated equally in this scenario? How will business blogs fare in these discussions and how will you weigh up your options?
Yet again we find ourselves in an unprecedented situation – this time with the cost of living increasing exponentially. You hear about these things on the news and brace yourself for change, but when you go to the petrol pump and it costs almost £90 to fill up your family car with petrol, the pain is real! So, the fact that the Government is attempting to affect change for the masses is a necessary course of action. However, is cutting marketing spend really the best way to go?
Don’t take your eye off the future
Don’t get me wrong, I don’t claim to be a political expert and I wouldn’t want to be making these decisions. But I do know marketing and anyone with any experience in the field will know that promotional activity has a lead time. If industry cuts marketing spend now, business won’t stop overnight, but gradually the pipeline will dry up. Conversely, more money spent on promotion now will result in more business further down the line. Many industries are still in very fragile states of recovery after the pandemic, so to pull back on marketing now, could be damaging to their future prospects.
Whether to cut back on marketing or not, is of course not just down to the Government either. Businesses always need to keep an eye on every line in the budget, and especially over the last two years will have wanted to make sure there is no wasted spend and every part of the business is as efficient as it can be. And of course, when making decisions about your marketing spend, it’s not necessarily an all or nothing scenario.
Manage your mix
The best marketing campaigns consist of a mix of marketing tactics including public relations, direct mail, telemarketing, advertising, and online campaigns. If you are committed to best practice and you are already measuring the success rate of each tactic, perhaps there is an area you can easily cut back on because you can clearly see in your metrics it’s not performing as well as other activities in your marketing mix. Or perhaps you need to review your mix to make sure you’re getting the most for your marketing spend.
If business blogs don’t yet form part of your marketing mix, now might be an excellent time to instigate one. Business blogs are a fantastic low-cost option to build and maintain a consistent presence online, while creating content to use on social media platforms. An increasing number of businesses are moving their marketing spend online anyway, so whether you need to cut, adjust, or increase your marketing budget in 2022, business blogs are a fantastic, cost-effective option to have in the mix.
In my next post I’ll be looking at the position of business blogs in the marketing mix in more detail and explaining what makes for a quality post to ensure you get the maximum benefit from your blog.