Let’s face it: when times get tough, the marketing budget is the first to be helplessly slashed.
It’s understandable – marketing ROI is certainly not immediate – but is it the wisest option?
Luckily, there’s still a way to make the most out of your existing marketing assets that doesn’t require big spending.
Better yet, it helps champion your company values, improve employee engagement with content produced by the business, and create advocates from pre-existing partners.
So how does this magic marketing hack work?
Build on Existing Connections
First, it’s important to be mindful about finances with the upcoming economic turmoil.
Most customers won’t have the extra spending money they usually do to hire outside contractors or services.
Salespeople will have to work harder to close deals in a tough economy, but is that really the only option?
The truth is that it’s more expensive for businesses to acquire new customers than it is to get revenue from an existing one.
How much more expensive?
5X more expensive.
In order to make the most out of your marketing assets without breaking the bank, it’s important to focus on building on existing connections and relationships. This can help champion your company values, improve employee engagement, and create advocates from pre-existing partners.
Basically, turn pre-existing connections into FANs – that’s what we at Pitch121 refer to as your ‘Future Advocacy Network’.
Double Down
Speaking of FANs, let’s talk about people-to-people marketing. Social selling has been a buzzword for some time now – and for good reason.
It works!
People buy from people they like, know, and trust.
Odds are, you already have a decent sized clientele of businesses that already like, know, and trust you.
That’s great! But does every channel of that business know who you are? Are there opportunities that are being left on the table?
By diving into those pre-existing connections you can save a ton of money on advertising costs and still grow your business.
Plus, it’s a much more personal and effective approach – who doesn’t love a good recommendation from a friend?
So don’t stress about the economy – just focus on the connections you already have and watch your business thrive.
Employee Advocacy
When times are tough and your marketing budget is looking slim, it’s time to get creative.
And what’s more creative than harnessing the power of your own team?
By empowering your employees to become brand advocates and share company content through their personal social media channels, you can expand your reach without breaking the bank.
Plus, it’s a win-win situation – your employees get to feel like they’re making a real impact on the company, and you get the added bonus of some serious social proof.
So don’t be afraid to think outside the box (or marketing budget) and unleash the power of employee advocacy.
Your wallet (and your team) will thank you.
Talent Acquisition
While company branded content is great when it comes to positioning the organisation as an expert in a selected field, it’s the off-the-cuff content that will really come in handy when it comes to talent acquisition.
Did your team have a networking event, or participate in a charity? Did they meet up after work hours for some casual drinks and do some team bonding of their own accord? How about a video call where everyone shared their successes and laughed at someone’s horrible dad joke?
Document and share it! That content showcases company culture better than any highly-curated logo ever could.
Best of all, it’ll entice potential candidates. People want to work for places with a great culture and a friendly team, and employees are the best people to advocate for it.
Want Help? Reach out to Us
If all of this talk about expanding your marketing reach on a budget has you feeling overwhelmed, don’t worry – we’re here to help!
Our team of LinkedIn marketing experts knows all the tricks of the trade when it comes to getting the most out of a small budget.
We’ll work with you to develop a strategy that leverages employee advocacy, builds on existing connections, and helps your business weather the storm of an economic downturn.
So don’t hesitate – give us a shout and let us help your business thrive.
Web: www.pitch121.com
Email: [email protected]
