Marketing Spend Rises – So How Will You Spend Yours?

Did you know that in Quarter One this year, business marketing spend was up for the first time in two and a half years? That’s good news for the economy and even better news for those looking to see whether the time has come to review their ‘recession policy’ and really focus on driving their marketing strategy forward.

In times of recession, as we’ve seen recently, the marketing budget has often been the first casualty. However, we believe that the key is not to reduce your marketing, but to make it work smarter for you. Digital and mobile methods, such as SMS marketing, are the fastest growing areas of marketing for every type of business - and it’s not surprising when you see how read and response rates for bulk SMS campaigns far outstrip anything offered by traditional print advertising or email marketing.

So as business confidence is now matched by decision makers starting to re-evaluate the enhanced value of their marketing budget, what’s the best way forward for a business which needs to decide how best to connect with current and potential customers?

1. Look at your marketing mix with fresh eyes
If you’ve historically used direct mail or e-marketing campaigns, don’t assume that what worked in the past is right for today. A recent study by myb2bonline.com has shown that recession-hit SMEs have continued to send out campaigns based on old data – thereby increasing the ‘junk mail’ element and giving direct mail even less credence in the eyes of the consumer. If you’re passionate about attracting new customers, it’s time to think about how today’s consumer wants to be talked to. That’s where SMS marketing comes into its own, as the leading open rate marketing communication route.

2. Look for new business – but don’t forget those who have stuck by you
When on a new business marketing drive, it can be all too easy as a small business to put all your energies into finding those elusive new income streams, whilst forgetting to look after your bread and butter – your existing customers. Make a rule that your marketing activity should be 50/50 new and old business. Why not use your SMS marketing to send a loyalty voucher to existing customers who have fallen out of touch – and a referral reward to those who are still using you? What way, you’ll keep your customers happy and help drive new, recommended business to your door.

3. Make every marketing communication count
Whilst marketing spend is up and business confidence grows, it’s still wise to look after every single marketing pound in your business. Make sure your marketing is strategized, targeted and includes a definite call to action – every single time. General awareness marketing is hard to measure and even harder to justify in the current climate. Create a forward plan for your strategy and make sure you’re covering a good mix of your product or service portfolio.

Don’t be afraid to use seasonal and topical elements to tie your marketing communications to, but make sure that there really is a genuine and relevant product link. For instance, if you sell football shirts, all your customers should be receiving an SMS marketing message right now as World Cup fever hots up – but if you’re a florist, offering bouquets in all the World Cup teams' colours is unlikely to be seen as smart marketing, more like ‘jumping on the bandwagon’.

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