Small businesses are the backbone of our economy, but let’s face it, the current economic situation is not making things any easier for them.
With a recession on the horizon, many small businesses are tightening their purse strings, and the first thing to go is often the marketing budget for digital and PR activities. But cutting back on marketing efforts could be a fatal mistake for small businesses during these challenging times.
In a recession, it’s important for small businesses to prioritise growth-driving activities and make sure that every dollar spent is delivering results. And, as a PR and digital marketing expert with over 20 years of experience, I can tell you it’s not as difficult as it may seem.
Here are a few tips to help small businesses get the most value out of their marketing budget:
Embrace Earned Media
While paid advertising may seem more attractive, building strong relationships with journalists and media outlets can lead to valuable earned media coverage and increased visibility. This is a cost-effective way for small businesses to reach new audiences without breaking the bank.
Go Digital
Digital marketing, including social media and email marketing, is often more cost-effective than traditional marketing methods. Utilising these platforms can help small businesses reach a wider audience and drive conversions. So, if you want to reach more people without draining your wallet, go digital.
Integration is Key
When it comes to digital marketing, it’s not just about doing one thing right. It’s about doing everything right and making sure all channels are aligned. Integrating your email marketing, social platforms, website, podcast, blog, and other marketing efforts creates a seamless experience for your customers and ensures a consistent message.
Make Data Your Best Friend
Tracking the success of your digital marketing efforts through data collection and analysis can help small businesses determine which tactics are performing well and which ones need improvement. This information can then be used to optimise future campaigns and maximise return on investment. For example, Google Analytics data shows that one of our real estate clients has doubled his website traffic since the beginning of his PR campaign with us and we can track which publication drove the most traffic. This gives us valuable insight into which strategies are most effective to continue to drive those results moving forward.
Audit Your Website:
Conducting a website audit and benchmarking relevant statistics can provide valuable insights into website performance and identify areas for improvement. Tools like Google Analytics 4, and free platforms such as Moz, and Semrush are useful for insights and benchmarking.
Set Business Impact KPIs
Key performance indicators (KPIs) give small business marketers a way to measure the success of their marketing efforts and see if they’re having the desired impact on the business. KPIs could be website traffic, conversion rates, or social media engagement. Measuring these KPIs regularly allows small businesses to see how their marketing campaigns are performing and make any necessary adjustments.
Collaborate with Other Small Businesses
Collaborating with like-minded non-compete small businesses can help spread the cost of marketing efforts and increase exposure. For example, one of our clients, a gin brand that recently launched in Australia, partnered with a bakery for a Valentine’s Day promotion featuring a gin-infused croissant. The campaign included earned media, sponsored content, social media, and influencer relations, increasing visibility for both businesses and reaching new audiences in a cost-effective manner.
In conclusion, small businesses don’t have to spend a fortune to get the most value out of their marketing budget. By embracing earned media, utilising digital marketing, integrating channels, leveraging data and analytics, setting business impact KPIs, and collaborating with other small businesses, they can reach new audiences and drive conversions without breaking the bank. So, even during tough times, don’t forget to invest in activities that drive growth.
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