Even during a worldwide crisis, your business must grow. You have your priorities right, and the need is immediate.
But even as the importance of increasing your visibility on digital platforms grows more obvious by the day, you may wonder, ‘How will I fund a meaningful marketing strategy?’
Let’s look at where you can find the cash to fund your necessary marketing endeavours.
The expenses of flagship events
You may have planned your event calendar at the beginning of the year and allocated substantial funds there. Be it becoming sponsors of the mega-events of your product principals or arranging for your own events, exhibitions, and launches, none of these stand much chance of coming around for the next 12-18 months. Of course, you’re not alone in this. Many industry biggies like, Apple, Dell World, Atlassian, DrupalCon, NVidia, Oracle, Microsoft, and others have been forced to cancel their flagship events because of the pandemic. These companies are moving online as a way to reach their audience and maintain visibility.
So, what will happen to all those funds that you had allocated for your event plans? Use them online. Add bandwidth to create content, liven up your social media presence, and build an impactful personal brand for your CxOs. Use the online medium to establish your brand identity and reach a relevant audience. When the time is ripe, this enhanced visibility will drive an inevitable increase in your customer base.
Savings from canceled business trips
Have you depended on a chain of business trips to meet your clients, or your international partners each year? If so, there’s little chance of that happening for a while now. Even when lockdowns are lifted, the costs of travel will increase by leaps and bounds and remain so for quite some time. Mandatory quarantine, more expensive flights, and more reluctance in accepting invites for face to face meetings are here to stay. They will increase the cost of travel and reduce its impact. This is not a wise way to spend your cash any longer.
You can easily use your travel budget on your structured marketing efforts to reach out to more people and enhance your visibility. Of course, reduced travel also adds time to the credit column! Beside developing blogs, newsletters, infographics, and research papers, you can also create interactive videos, podcasts, and customer success stories online to help people know your value proposition better. These strategies won’t cost you a fortune but pay huge dividends without you or your employees having to risk their lives by travelling.
Expenses for client/customer entertainment
According to a survey by Cvent in 2018 with about 3000 corporate event planners, 52% said that their event budgets keep increasing every year. Another report by the event manager blog revealed that big corporate meetings spend about $1,294 per participant on average. Further, international visitors (potential clients or stakeholders), who are invited to these events generate about 21.8% of the spending in travel expenses, 24.6% in shopping and recreation, and 26.5% in entertainment.
So, you see how much you spend on holding those parties, corporate gatherings, and for entertaining your visitors, who may or may not turn into potential clients? As you can imagine, no travel cuts both ways. Just like you’re likely to cut travel back, your customers and prospects are also likely to cut back on travel to visit you. While you focus on creating meaningful connections with these people in other ways, remember that you can now use these funds effectively and enhance your marketing strategies, a smart move to establish your brand presence online. It’s the smart thing to do.
Office infrastructural development
Did you think about redoing the interiors of your office or of shifting to a new office this year? Well, as most of your employees are working from home, what chance of that happening? Large IT companies like TCS and Tech Mahindra have announced that they intend for overwhelming numbers of their employees to work from home. When the employees are happy (no travel, more work-life balance) and they are uber-productive from home, why get them back into an office at all?
Save on that swanky office. Invest the resources that you had kept aside for the same in your marketing efforts to help your business survive and thrive.
There is no longer any doubt that digital channels like content marketing, social media, and personal branding of the CxOs are the only way to become and stay visible in the eye-line of your target audience. Until now. if your key objection was the budget, then that should no longer be the case.