In Part 1 of the Marketing in a Recession video series, Steve Robinson spoke about the key actions to take if you have the cash to weather the recession storm. In Part 2, Steve follows up the discussion with how marketing leaders can strategically tighten their marketing budgets during a recession. He focuses on prioritizing open and closed audiences and shares insights on where to focus and where to pull back.
- Closed audiences are those who already know and trust your brand, while open audiences are those who don’t know you or don’t know you well.
- When tightening your marketing budget during a recession, prioritize your closed audiences by focusing on email marketing, retargeting, CRM targeting for paid media, and organic social.
- The return on investment for every dollar spent on nurturing existing prospects is at least twice what you’d get investing in net new audience members.
- New audience members come from programmatic media, direct buy media, trade publications, and events, which are the first places to pull back if you have to.
- This is a short-term solution and should only be done for six months to a year max.
If you’re looking for ways to tighten your marketing belt during a recession, focusing on closed audiences is a strategic way to do so. By prioritizing email marketing, retargeting, CRM targeting for paid media, and organic social, you can make the most of your marketing budget by nurturing existing prospects who already know and trust your brand.
Subscribe to the Brilliant Metrics YouTube channel for more marketing insight to help take your strategy to the next level.