Thriving on a tight budget: marketing in uncertain times

In our last article exploring the challenges posed by limited marketing budgets, we looked at how teams had to do more with less last year.

We talked about how important it is, in this period of economic uncertainty, for marketing teams to be smart, plan for the future, and carve out a distinctive presence to get the best results.

With the UK verging into a technical recession and a substantial number of organisations grappling with financial adversity, this challenge seems set to continue into 2024.

To help marketing teams navigate these challenges, this blog talks about what it means to be smart in your approach, the significance of long-term planning, and the importance of differentiation.

Be Smart with Your Choices: Marketers Need to Cut Losses and Focus on What Works

In an era of budgetary constraints, it’s paramount for marketers to decisively stop strategies that fail to yield results. A 2002 survey revealing that 58% of marketers underutilise the capabilities of their Martech stack underscores the opportunity for optimisation.

At Tech Partnership, we advocate for a comprehensive review of existing technologies to ensure optimal utilisation prior to considering new investments. Rigorously evaluate campaign effectiveness and phase out tactics that do not align with long-term objectives.

This strategic acumen also enhances flexibility.

It facilitates the development of agile methodologies to test and learn, allowing for the reallocation of budget towards successful initiatives. By making things simpler, you can also get rid of unnecessary complications, making it easier to adapt. This strategy fosters relentless prioritisation and focus, culminating in enhanced efficiency despite resource limitations.

However, in a landscape of rapid change, there can be a temptation to focus only on short-term results. While it’s good to take advantage of opportunities, don’t lose track of your long-term goals.

Thinking About the Future: Plan Now for Better Times Ahead

Confronted with immediate pressures, there is a temptation to prioritise immediate sales over brand development. Resist this temptation. Sustained investment in branding during a downturn drives swifter growth when the economy starts to recover.

Evidence from the 2008-09 recession indicates that organisations that maintained or increased advertising spend bounced back quicker than those that cut back. Building a brand takes time, it takes several interactions to convert awareness into sales.

That’s why it’s crucial to keep enough budget for things like content, social media, and thought leadership to nurture potential customers along their decision making journey. Working with sales to improve activities at the top of the funnel and brand value is key. Investing now means you’ll be ready to meet demand when the market gets better.

Be Different: Stand Out from the Rest

With customers being pickier about where they spend their money, being unique is more important than ever. Last year, a survey found that 78% of tech buyers were positively influenced by companies that demonstrated distinctiveness.

Organisations must articulate a value proposition that accentuates their unique strengths and resonates on an emotional level with the varied needs of target demographics. This involves testing different messages to discover what distinguishes your offering in the eyes of prospects.

Also, consider the language used in your marketing communications. Avoid common buzzwords like “innovative” or “best-in-class” because they don’t really mean much and can get lost. Instead, focus on revealing and amplifying your authentic differentiators, from your technology offering to your organisational culture and customer engagement strategies. Focus on your strengths that your competitors don’t have.

Compelling content like case studies, demonstrating tangible impacts, can also foster distinctiveness, generating interest and a preference for your brand.

Back to Basics: Tough Times Call for Smart Thinking

In difficult times, Tech Partnership advises marketing leaders to go back to the basics: focus on what’s most important, build your brand for the long term, and make sure you’re seen as different. This means keeping a close eye on how well things are going, putting money into what gives you the best return, and cutting out waste. Despite the financial constraints, maintaining visibility and continuous engagement is crucial. By mastering these marketing fundamentals, you’re setting yourself up for success and growth when the market picks up.

“Good chance” UK fell into technical recession

Never mind the weather – Begbies waves red flag over perfect economic storm

Marketers are only using one third of their stack’s capability (martech.org)