It’s not uncommon knowledge that the economy is going a bit west. There are several varying contributors to blame for the economic turbulence, and you’d only need to reflect on the events of the last three years to see why: the expensive aftermath of Brexit, an unpredictable government, inflation, a global pandemic, and a war.
These events have certainly left (and will continue to leave) their traces on the economy. The consistent chain of unprecedented circumstances has undoubtedly blurred the forecasts for many financial calendars, with companies attempting to survive through the knock-on effects of the current climate.
So, it’s no wonder that many SME owners are scratching their heads when it comes to investments and deciding what to do next. Right now, there’s more pressure than ever to make smarter financial decisions and put our money in the right pots to secure our businesses in a solid and healthy financial position.
So surely, with so much at stake, spending more on marketing is a waste of investment, right? Wrong.
Marketing is one of the most crucial and vital investments you can possibly make in the current climate.
Here’s why -
- Marketing is the face of your company
Marketing is the vehicle of communication between your business and your prospects or customers. Your prospective customers aren't going to know who you are without marketing. It may seem like an obvious one, but it's true. Marketing is the thing that generates revenue, and you simply can't make any additional profits without it - Marketing and sales are more interlinked than ever
Marketing is the new sales', writes Scot Christman, (Entrepreneur, 2022.) This rings true - we all know cold calling doesn't hit the spot anymore, and marketing has become more integrated with sales now more than ever. Inbound and growth approaches to marketing really do work - but they rely heavily on the combination of both marketing and sales combined together. So by investing in marketing, you're investing in sales. - Higher return on investment
The general rule of thumb is, the more you spend on your marketing campaign, the more money you're going to make back in profit. But this doesn't mean you need to spend thousands on completely rebranding yourself. This can mean spending the time and money generating fresh, engaging content that genuinely works and speaks to your customer on an individual level. Or it could be adapting to some of 2022's freshest marketing trends, and integrating a fresh strategy or campaign on a new digital platform.
Worth every penny
Yes, marketing is expensive. But it's never worth skipping out on. We're not just saying that because we're biased - it's true. Marketing, (although it seems like a hefty investment at the time,) is completely worth it. Always go to a reputable marketer who will sell you a tailored marketing plan and will work with you, rather than someone who supplies you with a copy and pasted template.
Often companies will budget their marketing and only invest in something that works on paper. But obviously, the 'right' strategy will differ from company to company, so it’s important to opt for a suitable marketing strategy that is moulded not only to your budget, but your brand, and most importantly - your buyer persona.
But what should you invest your marketing budget on?
The vehicles of your content are going to differ depending on the nature of your company and marketing strategy. But here are a couple of 2022’s most successful marketing trends that you can take under your wing and invest some time, resources and energy into.
Audio content and podcasts
Podcast marketing has been steadily increasing in popularity for a while now. It’s an easy way for your busy customers to passively consume useful information about your business, while they are doing other things. Providing useful, informative, and educational content within your marketing podcasts is an innovative way to communicate the ethos of your company, as well as bulk up your brand with some character and personality. Podcast content is a great platform to interlink with other streams of content, because it’s an extra free flowing discussion around a topic that you may have already posted about. Podcasts can act as a conversational addition to your social media, blogs, and newsletters.
For an example of this – have a browse through Method's in-house podcast - Behind the Madness. Our podcasts are topical, interlinking with our multi-platformed approach to content, so that it's relevant and on topic each time we post something.
Do you use podcasts in your marketing? If you don’t, then it’s worth considering
Short form video
According to HubSpot's marketing stats,
'93% of brands got a new customer because of a video on social media.'
(Wyzowl, 2020) (Source: https://www.hubspot.com/marketing-statistics)
This statistic speaks for itself.
To say the world is currently obsessed with short form video would be an understatement. If you haven’t already, it’s worth using short form video as a means of communicating your brand or product.
If the budget is tight, prioritise your product first, then integrate your brand into your fillable content gaps. It's hard to find a company that hasn't jumped on this bandwagon yet - with the majority of new marketing campaigns integrating short form video into all aspects of their content plans. That could be reel content on Instagram, Facebook ad videos, or TikToks.
If not now, when?
Now is the best time to act on those the marketing-related decisions you've been pondering for a while. Unfortunately, the fluctuation and unpredictability of the economy isn't taking a break any time soon - and despite the initial investments, marketing is your safety net to financial security.
Yes, it can be expensive, and yes, it requires patience. But with some careful planning, some quality content-driven marketing material, and some calculated ROI estimations, you'll be taking those vital forward thinking steps to help make your business more money in the long term - and anchor your roots more securely within the marketplace.
