IIn this content series, we aim to help marketers and agrimarketers alike find opportunity in these trying times, without looking overly opportunistic (no hoarding of hand sanitizer here). As such, we’ll look at some of the common challenges (the Lemons) we are all collectively facing and highlight potential solutions/opportunities (the Lemonade).
The Lemon: Your Marketing Budget Has Been Cut
The Lemonade: Reallocation, Reallocation, Reallocation
While there are countless studies and research findings that prove the best time to increase your marketing is during times of financial uncertainty, the reality is that most organizations have significantly reduced their marketing spends over the last number of weeks and plan to keep them reduced for the foreseeable future. In fact, a recent survey of North American agrimarketers indicates that a whopping 80% have had their budgets reduced or shifted to other areas with over 60% expecting this trend to continue into 2021.
As most of you know, while our budgets may have been reduced, expectations for results rarely follow suit. What this means is that we must all achieve the same, and sometimes more, with less and have little time to shift course. So, what should you do? Reallocate to digital.
I know this sounds overly simplified, but when you weigh the costs and benefits, digital is by far the greater bang for your marketing buck. This isn’t just because it’s more measurable (allowing you to optimize it for better results in perpetuity), scalable (allowing you to quickly and easily increase or decrease your target audience and spend) or customizable (allowing you to target the right audience with the right message at the right time). It isn’t even because it’s more affordable (allowing you to build once and use again and again and again, though you may want to read more about that here).
At the end of the day, the reason you should be looking at reallocating more into digital now more than ever is because it’s more accountable. Plain and simple, if I had to reliably produce and replicate leads and sales for any organization, digital is still the only means I can quantifiably and confidently do so.
So, if you haven’t already embraced the world of MQLs, SQLs, CRMs, and sales enablement, now is the time to go deep. And if you have, please let others know how transformative it can truly be because we all deserve a little good news every now and then.