Surviving Economic Crises: Should You Cut Your Internet Marketing Budget?
It’s safe to say that the global economy has not been the same since COVID-19. From the series of lockdowns to businesses folding up to the recent inflation concerns – the list of worries keeps growing!
According to the latest McKinsey Global Survey, inflation remains the BIGGEST threat yet.
Unfortunately, the fear is not eased by Nouriel Roubini’s prediction that the central banks will struggle to limit inflation tendencies.
So, we understand how you might be impacted by the crises. But is cutting your internet marketing budget the answer?
With the recent growth of online businesses and digital marketing, is it WISE to cut your budget NOW? Should you?
Let’s find out!
Should You Cut Your Internet Marketing Budget Because Of Economic Crises?
If this was the 1970s, when internet/digital marketing wasn’t the buzz, by all means, cut the budget.
In fact, eviscerate the whole thing. Redirect the allocation into what works.
However, times have changed. We now live in the digital marketing world.
- Do you know that for every $1 spent on email marketing, you’d get 36x ROI?
- The “ACTUAL marketing” aside, do you know that 93% of customers will first go online to read reviews about your business before purchasing?
Yes, that is the reality of the day!
In this reality, do you still think cutting your internet marketing budget is the way to cope with economic crises?
BTW, do you know that your competitors are increasing their digital marketing budget?
HubSpot’s 2021 the State Of Marketing revealed that 63% of businesses increased their digital marketing budget.
IN SHORT: now is not the time to reduce your internet marketing budget. In contrast, you should be increasing it to cope with market competition.
Regardless, we equally understand that economic crises still loom. But have you ever thought that internet marketing could be the difference?
Have you heard of how KISSMetrics, for example, got millions worth of traffic with just online marketing?
Overall: rest assured that we are not leading you on a goose chase. Internet marketing works!
But if you can’t cut down your internet marketing budget, what can you do? How can your business survive the crises?
How Should You Cut Down To Survive?
Move Your Business Online
The easiest way to cut the cost of running your business is to move shop online. Get a website, list your services, and invest time and money in organic traffic.
If you need a physical space, you could rent a small office. By extension, a small office means working with a limited number of employees. Hence, a reduced salary budget.
Talking about employees, here is another thing you can do:
Outsource To Remote Workers
As a small business or a large corporation, you can save a ton of money outsourcing to remote workers instead of hiring in-house employees.
What about the quality of the work done?
Well, that’s another of the many beauties of the internet. It provides unrestricted access to a global pool of creative geniuses.
Be it graphic designers, content writers/creators, to even sales funnel builders: there are thousands of experienced remote workers you can call on.
The BEST part: remote workers are often cheaper than in-house employees.
The only sideline with outsourcing to remote workers is the work required in managing each one of your hires. In that case, we have a lasting solution.
Check this out:
Let An Agency Handle Your Internet Marketing
You don’t have to deal with individual remote workers. You can avoid the headache by working with an agency.
Agencies are cogs that run themselves – management, talent, and results. You only need to discuss your budget and goals with them, and they scale for you.
While choosing a digital marketing agency, ensure you choose the RIGHT one that understands your business.
More importantly, the agency should provide result-based solutions. That way, you’ll avoid burning limited cash on experiments.
Fortunately, you don’t have to search far. At Platinum Web Marketing, we offer what you seek.
Our digital marketing solutions are tailored to grow your business regardless of your budget. We have a systematic approach that guarantees results.
Let us help you!
Bottom Line
Don’t cut your internet marketing budget. If anything, you should be increasing it.
And about managing economic crises, there are other ways to cope.
Move your business online and let an agency take the workload off you. Focus on idea generation and closing deals!
