Revamping your marketing strategy is no easy feat. There’s a lot to take into consideration, especially with current global affairs. You may be worried about inflation, the economy, and how to apply that to your marketing strategy. We hear you loud and clear. Here are a few steps you can take to update your strategy considering the current economic climate.
Still from Midland School, a production partner of Lure Digital's for several years.
Review your budget: Inflation can impact your marketing budget, as the cost of goods and services may increase over time. Review your budget to ensure that it is sufficient to support your marketing efforts and make any necessary adjustments that consider operational price increases.
Assess your target audience: Economic conditions can affect your target audience's purchasing power and priorities. Take the time to understand how the current economy impacts your audience and adjust your marketing efforts to meet potential consumers where they are financially.
Look for cost-effective alternatives: As the cost of goods and services increases, it may be necessary to look for more cost-effective alternatives for your marketing efforts. This could include ramping up social media or content marketing instead of more expensive tactics like paid advertising.
Focus on value: In times of economic uncertainty, consumers may be more cautious with their spending. Focus on demonstrating the value of your products or services to help convince potential customers to make a purchase.
Monitor your results: Regularly review the performance of your marketing efforts to ensure that they are effective and adjust your strategy as needed. This will help you identify any areas that may need to be modified due to changes in the economy or inflation, and where to smartly scale back.
Once you’ve solidified your budget, here is where you should direct it:
Social Media ($5,000 - $15,000 per month)
Social media is a powerful tool that should never be underestimated. The most cost-effective of marketing options, you’re able to do everything from building trust with your audience to creating targeted ads to reach a specific demographic. You can hire someone in-house or opt for the agency approach, having a team lead in everything from community management to copywriting to content creation.
Organic marketing through social content creation can be repurposed for different types of marketing, advertisements and connection with your audience, as seen in this video.
Monthly Content Creation Shoots ($5,000 - $50,000 per month)
We know it gets hectic running every aspect of your business. That’s why outsourcing aspects of the work (like content creation) is an excellent way to maximize your marketing budget and keep you focused on your higher-priority To-Do’s. Experienced professionals can create a large quantity of quality content for your audience. Whether you have an idea that you’d like an outside team to produce or you want them to take the creative initiative, you can find a content creation agency that can do it all.
Armor All, a client of Lure Digital's, budgeted for monthly content creation shoots where photo, video (like the above) and GIFs allow them to showcase their product and amplify their brand voice.
:15, :30, :60 Commercial Campaign ($50,000 - $500,000)
Another tool to consider: commercial campaigns. Not only do they increase brand awareness among potential customers, but they also boost sales. By creating ads that are memorable and engaging, businesses cultivate a relationship with a large audience and build familiarity with their products or services. By creating compelling ads that highlight the benefits of a product or service, businesses can encourage viewers to make a purchase. It may feel like a large portion of your budget, but the ROI can be substantial when done right.
Montecito Bank and Trust created a series of compelling ads with Lure Digital for their "Imagine What's Possible" campaign, highlighting everything from customer success stories to product videos.
Updated website video $40,000 - $75,000
Videos are a highly engaging form of content. They capture the attention of website visitors and hold it for longer than text or images alone. This often leads to increased time spent on the website, which is beneficial for lead generation and SEO. Moreover, search engines tend to give higher rankings to websites with various content types, including video. Adding a video to your website can help to improve your search engine rankings, making it more likely that people will find your site when searching for products or services related to your business
Crown's product is innovative when it comes to sustainable solutions, and they needed to tell their story to their potential investors, interested customers, and more. This video was also produced by Lure Digital.
Updated Headshots ($2,000 - $5,000)
By including headshots of key team members on your website, you can help to build trust with visitors. Seeing the faces of the people behind a business can make it feel more human and relatable, which can help to establish a connection with potential customers.
Headshots that are fun? Check. Thanks to Openpath for this partnership that showcased their unique personalities alongside their groundbreaking technology.
Overall, revamping your marketing budget in 2023 can help to make your marketing efforts more effective and efficient, while positioning your business for growth and success in the coming year. By assessing your current efforts, setting clear goals, researching new trends and technologies, allocating budget for testing, and continuously monitoring and adjusting your efforts, you can ensure that your marketing budget is being used in the most effective ways possible.
Have you revised your budget and wondered what marketing plan works for you? Consider a consultation today by calling 323.596.0606 or emailing us at email@example.com.