14 May Don’t Cut Your Marketing Funding – Here’s Why
By this point, we are all hyper-aware of the various changes seen in all the aspects of our lives since the beginning of the COVID-19 pandemic. With cuts in spending happening at nearly every business, we are here to remind you why now is not the time to cut your marketing funding in response to the changes in consumerism. Research is showing that now is the time to utilize your marketing funding to make the biggest difference for your business, and here is why.
- Maximize Your Budget – Marketing is all about impressions, and now is the time to get the most impressions for your budget. Studies have shown that Facebook usage is drastically up (nearly half of all news consumption pertaining to COVID-19 is derived from Facebook). However, despite this increase in traffic, Facebook has seen a significantly lower demand for ads, meaning that more impressions are up for grabs. In fact, over 45% of advertisers plan to reduce their social spend. Using this time to serve ads while the likelihood of impressions is higher is a great way to maximize your marketing budget, especially while others are cutting budgets.
- You Need to Maximize Sales – Though there has been a significant increase in e-commerce (electronic commerce), online spending is down. This means that you need to maximize your sales and be sure to reach an audience that you can expect to convert with, rather than just create awareness over a large audience. In times where e-commerce is increasing, it is important to get your business in front of the correct audience to increase conversions to combat the overall decrease in frivolous spending.
- Gain Market Share – With 80-90% of people spending an average of 25 hours weekly consuming news and entertainment media, now is the time to reach a mass audience digitally. Twitter is up 44% and mobile device usage has increased 56%. Now is a great time to gain market share and reach consumers that you were not able to previously reach digitally. Digital marketing now has the potential to reach a majority of the population without needing to increase your budget or spend more money than anticipated.
- Get Hard Data to Back Up Business Decisions – Along with the probability of maximizing your budget, maximizing sales, and gaining market share, digital advertising can also provide hard data to back up business decisions. Are people clicking on ads with specific products or services? Perhaps increasing a focus on the more popular products can help increase sales and maximize budgets. The hard data provided by digital advertising is very specific and can be used to back up your decision to put money toward marketing and can help you market better in the future.
If you aren’t sure where to begin with your traditional and digital marketing journey, Media Venue can help. Whether it’s TV, billboards, radio, mobile, web, or social media, we know where your customers are and we know how to reach them. Let Media Venue help you grow your audience. Call Weaks McKinney-Smith today at 502-855-4783 or email him at email@example.com.