Marketing budgets as a percentage of company revenues and spend have risen to a record high during the coronavirus pandemic as brands turn to marketing to retain customers and build brand value.
Spend on marketing as a percentage of US companies’ overall budgets rose to 12.6% in May, according to the CMO Survey conducted by Duke University’s Fuqua School of Business. That is up from 11.3% in January 2020 and the highest it has been in the 10 years of the survey. The previous high was in January 2016, when it reached 12.1%.
Similarly, spend on marketing as a percentage of a company’s revenues increased to 11.4% in May, well above the 8.6% recorded in January and the previous high of 9.3% in January 2014.
So…where do you start if you want to make sure your business stands out during this difficult time? In the last few months, 84.8% of marketers say they have observed their customers being ‘more open’ to digital offerings during the pandemic, while 83.8% say customers are placing increased value on digital experiences.
Here is a simple list of areas that you might want to “beef up” your marketing:
• Make sure your website is up to date, fresh and mobile friendly: Does your site look good on a mobile phone or tablet? (If you don’t have a website, get one yesterday!)
• Take part in social media: Use social media to get the word out!
• Become the go-to expert in your field: Use your knowledge to offer solutions to your industry’s problems.
• Use Email to create value over a set period of time: Reach out to your prospects with monthly emails to sell your product or expertise.
• Increase purchase frequency with reward programs: Set up a program that rewards sales.
• Improve your business by tapping into the power of feedback using surveys: Find out what your customers and prospects want with feedback.
• Use Direct mail (the right way): Direct Mail works, if done correctly.
• Use printed promotional materials: People will remember you if you give them something to add value to their day!
Contact us for help in these areas and many others.