In economically turbulent times, there’s often no clear vision of when the new normal will start, and businesses are faced with difficult decisions about where to allocate focus and resources.
Marketing and advertising budgets are frequently the first to be scrutinised and reduced. However, this is short-sighted and counterproductive.
TIP #1: Marketing as a Business Advantage
Effective marketing is not just an expense – it's an investment that can deliver a measurable return. Companies that prioritise marketing efforts (even during tough times) position themselves to capture market share and drive revenue.
Good marketing strategies are built to be quantifiable. Businesses can track the return on investment (ROI) and adjust their tactics as needed. A focus on ROI ensures every dollar spent on marketing contributes directly to business goals.
Industry KPIs to Consider:
ROI on Marketing Spend: Aim for a return of 5:1 or higher to demonstrate effective budget use.
Customer Acquisition Cost (CAC): Maintain or reduce CAC during downturns to ensure efficient spending.
Lead Conversion Rate: Track the percentage of leads that convert into customers, with a goal of maintaining a rate above industry averages (e.g., 3-5% depending on the sector).
How CRE8IVE Can Help
We've had the privilege of partnering with countless brands that view us as their strategic advantage.
We make marketing a defining element that pushes our clients forward, even during challenging economic conditions.