It’s safe to say that we’re all a bit tired of hearing about inflation, inflation, inflation. But while most people are thinking about the increased costs of things like gas and groceries, business owners are likely experiencing the effects of inflation in a totally different area: their marketing costs.
While it might seem strange for digital marketing costs to be increasing due to inflation, it is definitely happening across multiple platforms. With more businesses trying to attract the attention of increasingly penny-pinching consumers, you’re likely seeing more competition than ever for ad space. This means that your money isn’t going to go as far as it used to when it comes to generating leads and sales.
So what is a business to do? You certainly can’t quit marketing your products or services. Here are our top 5 recommendations on what you can do to ensure your business continues to thrive despite increased marketing costs.
Stay the Course
As much as it may seem counterintuitive, now is not the time to stop your marketing campaigns. Marketing is the best way to stay connected to your target audience, especially as they make decisions about spending their hard-earned money. You could even take it one step further and start campaigns aimed at showing the value of your products or services, and how they might help to simplify or enrich their lives without breaking the bank.
Measure Your Results
If you are running marketing campaigns, you should already be paying attention to their performance. Metrics like cost per click, total impressions, and click-through rate can help you measure your campaigns’ success, and identify what tactics or messaging is showing the best results with your audience. This means you can put more money where it is working, and reduce or eliminate campaigns that aren’t performing well.
Refine Your Messaging
Right now, most consumers are very concerned with getting the best value for their money. This is true for everything, from beauty or home services to clothing and food. As customers become increasingly more focused on how far they can stretch their money, businesses need to be ready with messaging that appeals to them. From coupons or special sales, to ensuring you are using empathetic & sincere messaging in ads and organic posts, it’s important to show your audience that you understand their concerns and are addressing them as best as you can.
Be Creative & Flexible
While it’s important to try and stay the course as best as you can, it’s also important to allow for some creativity and flexibility. It may be a good time to consider new marketing tactics, like mobile ads or social ads, or put your heads together to design new campaigns relevant to your audience’s needs.
Want Expert Advice on Effective Marketing Campaigns ? 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.