As Covid-19 continues to take its toll across the globe, struggling businesses have been forced to revisit their budgets and cut costs where necessary. Marketing budgets are usually the first to face the chopping block, but knee-jerk reactions like this often sacrifice long-term growth for short-term gain.
With digital marketing on the rise, businesses no longer have to scrap marketing all together in times of crisis. In fact, moving to digital
can actually reduce your marketing costs when compared to traditional channels while effectively driving traffic, leads and sales.
So if you’re on a limited budget or times are tough in the wake of Covid-19, here are five of the most effective ways digital marketing is able to cut costs while simultaneously growing your business
. 1. Measure and adapt with analytical tools
Digital is infinitely more measurable than other forms of traditional marketing.
Through analytical tools, you can see exactly what you get back from what you put in.
Key metrics allow you to track every facet of your digital strategy, including overall website traffic, conversion rates, return on investment (ROI), social engagement and much more
. Measuring similar metrics as a result of radio messages, television adverts or billboards is much more difficult.
Digital metrics are accurate, easy to understand and help to formulate fail-proof future strategies that maximise every dollar spent. With this information, you can distribute resources to the channels and techniques that are proving most effective, rather than waste money in areas that don’t work so well.2. Boost sales and reduce overheads with e-commerce
Right now, global web traffic is up.
Now is the time to make the most of it with added e-commerce functionality.
E-commerce functionality is industry lingo for ‘an online store’. It’s an easy way to connect with your customers and make a sale without ever needing to set foot into a physical store. What could be more relevant during a global lockdown than the ability to make quick purchases without leaving the home?
While Covid-19 is certainly not benefiting the brick-and-mortar stores, it’s having the opposite effect online. During March and April when many countries were in lockdown, a survey of 32,563 brands
showed an average increase in online sales of 65%
With far fewer overheads than physical stores, easy inventory control and accurate reporting tools, SEO enables businesses to grow
without significant investment. Sales go up while costs come down - it’s a win-win opportunity that you shouldn’t miss out on.3. Generate leads through targeted brand exposure
Digital marketing is highly targeted, allowing you to optimise your campaigns and direct them to the right groups of people. Unlike traditional channels, there are no geographical limitations. You’re working with a global marketplace.
This technique places your brand name in your audiences’ field of view, be it through social media marketing, email marketing, search engines or Google Adwords. It’s an easy way to ensure your messages are received by those most likely to be interested in your brand, i.e. purchase-ready customers.
Targeted brand exposure is cost-effective yet highly profitable. If you’re on a budget, be sure who you’re targeting. A targeted group is more likely to lead to sales
than a broad audience. Analyse your target audience’s problems and let them know how your product or service can solve them.4. Increase customer engagement with low-cost content
If you’re yet to reap the benefits of digital content
, now is the time to start.
Quality content enhances brand credibility while costing very little. Even using a digital marketing agency to create content is far more cost-effective than opting for traditional print methods
. Content is what many digital marketing techniques have in common.
Without content, a digital strategy would quickly unravel.
Targeted content makes a beeline for your audience, impacting their decision-making. Through content, you can answer questions, offer unique solutions, connect with your audience and continuously promote a positive brand message.
Consistent, quality content can:
5. Effort can be just as powerful as money
- Retain audiences and acquire new audiences
- Build relationships with your audience
- Set your brand apart from competitors
- Gain social media traction
- Generate leads and increase conversions
- Improve your overall SEO efforts
The beauty of digital marketing is that you don’t need to continuously throw money at it for it to be effective. Traditional methods such as print and radio promise higher returns the more you pay. However, there’s no guarantee that this will happen and, in many cases, large campaigns result in revenue loss.
There are plenty of digital marketing techniques
with little or no cost associated. Boosting your social media presence, analysing results, learning about your audience and creating content are some tried and true techniques that require a lot of effort, but little money.
Cost-effective marketing is more important now than ever
Successful marketing now needs to incorporate an online component, but online marketing requires a very different approach to traditional, offline marketing methods...
Boris Dzhingarov, Monetary Library 6 Jun 2018
If you need to cut costs, it’s clear that businesses in the current economy need digital marketing to compete and stay relevant. Adjust your strategy to meet the heightened demand for online business and continue to grow during Covid-19.