10 Marketing Investments to Make This Year
As we face economic uncertainty and turbulent markets, you might be wondering where to invest your limited resources. In times of recession, it is crucial to adopt a strategic approach that not only safeguards your business but positions it for growth and success. While an impending recession may give us lots of anxiety, it also presents opportunities for businesses and entrepreneurs to make transformative changes that can set them apart from the competition.
Today, we’re moving towards a recession, where businesses face numerous challenges such as reduced consumer spending, tightened budgets, and an overall sense of uncertainty. It’s imperative to remember that recessions are just temporary setbacks that present opportunities for entrepreneurs and business owners to adapt, innovate, and emerge stronger.
In this blog, we will explore why marketing investments are not only essential during a recession but also serve as catalysts for business expansion. By understanding the power of marketing in times of economic downturn, we can unlock the potential for sustainable growth and open up new avenues of success.
Investing in marketing can help you stay competitive in your industry.
Marketing creates awareness of your brand and what it stands for. By investing in marketing, you can help potential customers become more familiar with your brand, products, and services. This can help to increase brand recognition, which is an important factor in driving customer loyalty and repeat business.
Investing in marketing can help you stay competitive in your industry. By keeping up with the latest marketing trends and tactics, you can ensure that your brand is staying top of mind with your target audience and not falling behind your competitors.
What should my marketing budget be?
There isn’t a black-and-white answer for this question. The amount that a brand should budget for marketing can vary widely depending on a number of factors, including the size of the business, the industry it operates in, its growth goals, and the types of marketing activities it plans to pursue.
As a general rule of thumb, most businesses should plan to allocate between 5% to 15% of their total revenue to marketing.
For newer or smaller brands, it may make sense to allocate a larger percentage of revenue toward marketing in order to build awareness and bring on new customers. As the business grows, the marketing budget can be adjusted to reflect a smaller percentage of total revenue.
It's important to note that the marketing budget should not be viewed as a fixed cost, but rather as an investment in the growth of the business. It's also important to continuously evaluate the effectiveness of marketing activities and adjust the budget as needed based on the return on investment (ROI) of each activity.
Ultimately, it’s up to you to find a marketing budget that aligns with the goals of your business and allows you to execute marketing activities that reach your target audience and drive business growth.
Brands should allocate between 5% to 15% of their total revenue to marketing.
10 Marketing Investments Ideas
As a brand, there are several marketing investments that you can make this year to help grow your business and reach your target audience. Here are some ideas:
Video marketing:
In the vast landscape of digital marketing, video has emerged as the undeniable champion when it comes to capturing audience attention and driving results.
Video marketing also plays a crucial role in enhancing brand recall and awareness. Research suggests that consumers are more likely to remember video content compared to other forms of media. By creating compelling explainer videos, product demos, or behind-the-scenes content, you can reinforce your brand's personality, values, and key messages in a visually engaging manner, leading to stronger brand recall and increased awareness.
Research overwhelmingly supports video marketing as a top investment for brands. According to Wyxowl’s 2020 report on video marketing, 87% of video marketers say that video has increased their website traffic. With its ability to captivate, engage, and leave a lasting impression, video content holds immense potential to elevate your marketing efforts.
According to Wyxowl’s 2020 report on video marketing, 87% of video marketers say that video has increased their website traffic.
By leveraging video marketing, you can better engage with mobile audiences who are increasingly seeking visual content on the go. Furthermore, video has a unique power to evoke emotions, foster empathy, and establish authentic connections. By sharing stories, testimonials, or thought-provoking content, you can create a sense of empathy and resonate with your target audience on a deeper level. This emotional connection cultivates brand loyalty and drives customer advocacy.
Brand Photography
With the quality of cameras in smartphones today, brands really can’t continue to say they don’t have budgets for brand photography. At some point, buying stock photos becomes a higher cost than just hiring a photographer to take authentic photos of your product or service. There’s a ton of photography talent around that can really help you elevate your brand. Hire a photographer to take lifestyle photos of your brand. You can add these to your website, social media channels, and marketing materials. Also, think about getting investing in brand video shots to use in reels and videos.
By hiring a skilled photographer to capture lifestyle photos of your brand, you can get a lot out of the final images. These visuals can be used on your website, social media channels, and marketing materials, helping you establish an emotional connection with your audience. Authentic and high-quality brand photography has the power to engage customers, convey your brand's story, and differentiate you from competitors.
When selecting a photographer, seek someone who understands your brand's vision, values, and target audience. Collaborate closely to ensure the resulting photos accurately represent your brand's essence and align with your overall marketing strategy. By conveying authenticity and storytelling through professional brand photography, you can foster trust, evoke emotions, and connect with your customers on a deeper level.
AUTHENTIC BRAND PHOTOGRAPHY EXAMPLE
Jenn Watts invested in a photo shoot for her Watts of Change podcast launch. These pictures were used on her social media channels, website, and in marketing materials.
These photos were taken by RN Freeman Photography.
3. Brand Positioning and Messaging:
In times of recession, one of the most valuable marketing investments you can make is in brand positioning and messaging. Your brand is not just a logo or a name; it represents the essence of your business and the promises you make to your customers. By strategically shaping your brand identity, you can establish a strong foothold in the market, differentiate yourself from competitors, and cultivate a loyal customer base.
Your brand’s unique value should be easy to identify. If it’s not, then you might want to invest in a brand positioning and messaging project. It’s good to take time to strategize how you want to position yourself in the market. As a brand, you should have a clear and concise message so your audience immediately knows what you do.
During the recession in 2008, Airbnb undertook a significant rebranding and messaging overhaul to position itself as a trusted community-driven platform for unique travel experiences. They shifted from offering air mattresses and breakfast to becoming a global marketplace that emphasized "belonging anywhere." By redesigning their logo, website, and investing in high-quality visuals, Airbnb showcased the benefits of "live like a local" and highlighted safety measures and host verification processes, building trust with travelers. This strategic repositioning during a recession allowed Airbnb to differentiate itself from traditional hotel chains, attract a new generation of travelers, and achieve rapid growth and success.
In 2020 during the COVID-19 pandemic, Airbnb underwent a rebranding that focused on local and domestic travel, encouraging customers to "Go Near" and explore nearby destinations. They introduced enhanced cleanliness protocols and emphasized safety measures to address traveler concerns. This strategic repositioning allowed Airbnb to adapt to the changing landscape, position itself as a responsible travel choice during the pandemic, and maintain customer trust.
Influencer Marketing:
I know it’s not for everyone, but influencer marketing can be an effective way to reach new audiences and build trust with your customers. Identify influencers in your industry who have a following that aligns with your target market and partner with them to promote your products or services.
In today's digital era, influencer marketing has emerged as a powerful marketing investment that can effectively reach and engage target audiences. Influencers, who have amassed a substantial following and hold influence over their followers' purchasing decisions, can help businesses build brand awareness, drive conversions, and foster authentic connections with their target customers.
It is important to note that successful influencer marketing campaigns require careful planning, research, and selection of influencers who align with your brand values and target audience. Authenticity and transparency are key factors for a successful partnership, ensuring that the influencer's content feels genuine and resonates with their followers.
Platforms like Upfluence, AspireIQ, and Traackr provide comprehensive solutions for influencer discovery, management, and campaign tracking. These platforms allow you to search for influencers based on specific criteria, manage collaborations, track campaign performance, and measure ROI.
Website Design
Your website is home to your brand. You should continue to invest in your website’s design year after year.
In today's digital age, a well-designed website is a crucial marketing investment for businesses of all sizes. Your website serves as the online face of your brand, representing your products, services, and values to potential customers. Here are three key reasons why website design is an investment that can yield significant returns:
Your website plays a crucial role in shaping your brand's perception and establishing credibility. A visually appealing and professional design instills trust in visitors and enhances your brand's reputation. A poorly designed or outdated website can create a negative impression, leading potential customers to question the quality and reliability of your products or services. A well-designed website with consistent branding, compelling visuals, and a cohesive user experience reflects positively on your brand, helping you build trust, credibility, and a strong online presence.
Also note, this doesn’t mean you have to completely redesign your website. Instead, you could do this by creating a calculator that shows users how your services give them a high ROI. Or hire a designer to redesign pages with low-performance metrics.
Search Engine Optimization (SEO)
SEO is a critical marketing investment that focuses on improving your website's visibility in search engine results pages (SERPs). By optimizing your website and content for search engines, you can attract organic traffic, increase brand visibility, and drive sustainable growth.
Investing in SEO can help your website rank higher in search engine results pages, making it easier for potential customers to find you online. SEO helps your website rank higher in search engine results, making it more likely to be clicked on by users searching for relevant keywords or phrases. Higher rankings translate into increased organic traffic, as users tend to click on the top results that appear in search engine listings.
Search engine users tend to trust websites that appear on the first page of search results. By implementing SEO best practices, such as optimizing your website's structure, improving site speed, and creating high-quality content, you can enhance your website's trustworthiness and credibility in the eyes of both search engines and users. Ranking higher in search results signals to users that your website is authoritative, relevant, and provides value, which can positively impact their perception of your brand and increase the likelihood of engagement and conversions.
Strategic Keywords?
When it comes to SEO investments, research from HubSpot State of Marketing report says that 71% of marketers say using strategic keywords was their number one strategy for SEO.
For you, this might mean that you should invest money into getting strategic keywords. But the best SEO happens when you strategize each piece of your website and content to be fully optimized around SERP. SEO is much more than just adding into popular keywords to your website. Be sure to write for humans, not search bots.
Content Marketing
According to HubSpot, 70% of marketers use content marketing. Content marketing is a great way to engage your audience and establish your brand as an industry leader. You can create blog posts, videos, podcasts, and social media posts that provide value to your audience and showcase your expertise. Make sure to create content that is relevant to your audience and optimized for search engines.
Content marketing allows you to establish your brand as a trusted authority within your industry. By consistently delivering high-quality content that addresses your audience's pain points, answers their questions, and provides valuable insights, you build trust and credibility. When customers perceive your brand as a knowledgeable resource, they are more likely to engage with your content, share it with others, and consider your brand when making purchasing decisions.
You also should use to nurture your leads through the buyer's journey and providing them with valuable information at each step. By creating targeted content that addresses the specific needs and pain points of your audience, you can guide them towards making informed purchasing decisions. From blog articles and e-books to videos and webinars, content marketing provides a range of formats to engage your audience, educate them about your products or services, and ultimately drive conversions. By offering valuable content in exchange for contact information, you can also build a database of leads for future marketing efforts.
Email Marketing
Email marketing can help you stay in touch with your customers and keep them informed about your latest products, services, and promotions. Make sure to segment your email list and create personalized content that is relevant to each segment. Email marketing provides a valuable opportunity to nurture leads throughout their customer journey
By delivering a series of automated and personalized emails, you can guide subscribers through the sales funnel, provide valuable information, and make compelling offers. Email campaigns can include welcome emails, educational content, product updates, exclusive promotions, and abandoned cart reminders. By strategically nurturing leads with relevant content, you can increase the likelihood of conversions and customer loyalty.
There’s many great platforms out there to help you get started with an email marketing campaign. I would recommend using HubSpot or Mailchimp for your marketing email needs. Find an expert in email marketing campaigns to help you build workflows and automation into your sales process.
Brand Design
During a recession, competition can intensify as businesses vie for a shrinking market. Investing in brand design allows you to differentiate yourself from competitors and stand out in the crowded marketplace. A well-designed and visually appealing brand can capture attention, create a positive perception, and make your business more memorable. By investing in a unique and compelling brand design, you can position yourself as a preferred choice for customers, even in challenging economic times.
One of the most famous brands — Coca Cola — started a brand redesign during the Great Depression. In the 1930s, Coca-Cola embarked on a brand redesign to revitalize sales and capture consumers' attention. The company introduced the iconic "Contour Bottle" in 1915, which became a symbol of the brand.
However, during the Depression, Coca-Cola faced intense competition and declining sales. To rejuvenate the brand, they introduced a new bottle design in 1937 called the "Hobble Skirt" bottle. This sleeker and more modern design helped Coca-Cola maintain its market share and drive sales during a challenging economic period.
The classic Coca Cola bottle was designed during the Great Depression as a way to rejuvenate the brand. They introduced this bottle in 1937 called the "Hobble Skirt" bottle.
Social Media Advertising
The world of social media has changed a lot of things. For businesses, you have to be on social media or your missing a lot of traffic. According to HubSpot, 69% of Americans use Facebook. That means there’s a good chance your target audience spends time on Facebook, or maybe another popular social media app.
Research your target audience’s preferred social media network and target specific channels, demographics and groups based off of your buyer persona’s.
Social media advertising can help you reach a larger audience and drive traffic to your website. Platforms like Facebook, Instagram, and LinkedIn offer advertising options that allow you to target specific audiences based on demographics, interests, and behaviors.
Social media advertising offers various ad formats and interactive features that can capture the attention and engagement of your audience. Whether it's eye-catching visuals, compelling videos, or interactive ad elements, social media ads provide opportunities to showcase your brand creatively. By delivering engaging content, you can increase brand awareness, build a positive perception of your brand, and encourage social sharing, which can lead to organic reach and word-of-mouth marketing.
Remember, the key to a successful marketing strategy is to focus on your target audience and provide them with value. By investing in the right marketing channels and tactics, you can build a strong brand that resonates with your customers and drives business growth.
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