Things you can do now when marketing in a cost-of-living crisis

The news seems unavoidable and, when you see it, there’s a temptation to feel an impending sense of doom about inflation, the cost-of-living crisis and the general impact on the economy. To a certain extent, it’s easy to talk ourselves into a catastrophe that isn’t there but, equally, burying your head in the sand isn’t going to help your business push through any downturn, if there is one. Marketing seems to be one of the first ‘costs’ that gets reviewed and dumped. That’s an extremely negative action and one that does nothing to help. This article will show you ways in which you can market positively for the benefit of your organisation while being mindful of budget limitations. If your senior leadership is pushing for a cut to your marketing budget, you’ll need to counter the argument with activities that deliver better outcomes and value for money. Having that plan in place now will help keep your marketing on the front foot. Cutting marketing is usually not the answer to a company’s financial problems. Of course, I would say that, wouldn’t I? In my experience, though, reducing activity that promotes a business isn’t going to help you sell more of the things you need to sell. Reviewing your existing plan First things first: it’s time to review the current marketing plan. What are you already committed to? What contractual spend do you have? Understanding when funds are less tied up can help you navigate tumultuous times. I’m not advocating dropping contracts like a stone. More that some will generate better value than others. Think about software subscriptions that perhaps you aren’t utilising fully or events you have planned that are not as relevant as they were. Personally, I’d avoid cutting spend on education or personal development for you and your team (a false economy), but perhaps there are virtual events you can attend, reducing travel and accommodation costs while still gaining from the knowledge. Once you know what you are still committed to and what you have available, check the existing plan for the products and services you are planning to promote. Are the campaigns still the right ones or are some products and services likely to be more popular because of the times we’re in? For example, the high-ticket offering may be less appealing to your market when other people and businesses are evaluating spend just as you are. Maybe your mid-tier service will appeal more right now. Or even your entry level set is the one to place the focus on. Just consider how some of the supermarkets are currently emphasising ‘price locks’ or ‘price match’ – they know their customers are primarily concerned with price and, in the case of the larger supermarkets, want to stop people moving away from them towards the budget stores. Reviewing your offering Review the products and services that you offer. If you sell physical products, you may well have commitments to stock levels. Can you renegotiate this? What are you likely to sell less or more of going forward? Do your services fully meet the needs of your target customer still or do they need a review in themselves? If your customer needs more value, what value can you add to the service? You’ll need to articulate this. Reviewing your target audience While we’re mentioning them, let’s review that target audience. What’s happening with them? What are their concerns in the current climate? Are they cutting spending or are they not really affected by the economy? It’s certainly not the case that changes in the economic environment affect everyone the same. Indeed, if you are selling luxury items to people with high wealth who are not exposed to fluctuations in costs, it could well be that your business can continue as usual and your plan can remain as it is. If your audience is affected, how are they likely to adapt to the situation? What do they need help with? What are they...