4 Tips to Overcome Increased Marketing Costs

Jul 29, 2022 | Marketing

It is certainly no secret that inflation is at an all-time high, increasing the cost of everything from fuel to food to everyday necessities. But business owners are also becoming increasingly aware of the fact that inflation isn’t just affecting our daily goods: it’s also affecting their marketing costs.

So, what can a business do to keep their campaigns running without blowing up their marketing budget? Here’s 4 tips to help you stay the course without compromising your budget or your goals.

1: Keep Following Your Established Marketing Plan

We know that increased costs can leave business owners worried, and considering stopping their marketing efforts entirely in an effort to save money. This, however, is the worst move you can make. Stopping your ads means that you’re no longer connecting with your existing audience or generating new leads. While people are feeling the pressure of increased costs, they are still spending money – especially in the realms of self-care, basic needs, and important services like home repair. Prioritize engaging with your audience to show that you care about their experience and value their business, which will keep your brand in their minds and increase long-term loyalty.

2: Pay Even More Attention to Your Return

You should already be tracking your ROI, or return on investment, for all of your marketing efforts. But, now more than ever, it’s vital to pay attention to every detail. Be objective about combing the numbers to really pin down what is working, and what isn’t. See if you can revamp campaigns that aren’t performing as well, or shift some of the budget to a campaign that is performing very well. Because users are always shifting their attention from one platform to another, it’s best to leave campaigns up that are at least showing some traction to avoid removing yourself entirely from their field of vision. 

3: Refine Your Incentivisation Programs

With increased consumer costs comes increased interest in ways to save money. Take a look at your current incentive programs, and see how they stack up against your competition. Right now, users are focused on finding the middle ground between the best deal and the best product or service. Take a look at your current incentive programs, and how you’re presenting your business. Users tend to lean toward businesses that present empathetic, sincere, and relatable messaging during tough times.

4: Be Creative and Flexible

When advertising costs are on the rise, it pays to be both creative and flexible with your marketing plan. Cost effectiveness may shift in favor of one platform or another every month, and there’s nothing wrong with moving your budget around to where it makes the most sense. Try to think of creative campaigns that help solve pain points while also highlighting that your company understands the user’s struggle with balancing budget and quality.

Want Expert Advice on Flexible, Effective Marketing? Contact GCW

If you’re interested in learning more about how to navigate increasing marketing costs, we are here to help! With over 25 years of experience in managing all types of digital design. Our staff consists of highly-trained web design and digital marketing professionals who are both passionate about their jobs and excel at what they do. Contact us today to book a consultation with our team. We look forward to outlining exactly how we can help you grow your business with our digital media agency services.