For the corporate to survive in this pandemic world with the imminent arrival of the global financial crisis it is absolutely necessary to cut down costs and usually, it is the marketing budget that is initially cut in any business. But does cutting down of these marketing costs mean the business has to suffer on their long-term success?
Marketers are facing tough decisions on reducing the overall budget and to decide on were all to cut down on the budget for their survival. Whether it is to eliminate programs, technology, people or a combination of all of these. To cut down cost marketers should have a successful approach which does not impact the long-term success of the business.
Firstly, marketers should have a clear business goal and secondly strategize the needed programs that will help them reach those goals and identify the needed technology and skilled professionals needed for the program. Marketers should need to critically examine the programs that do not perform the needed results and trim those programs to cut down the cost.
To perform the strategies mentioned above, the following needs to be understood clearly.
- There should be a predictive standard for the future performance of each marketing programs and also it should be constantly evaluated.
- The knowledge of the technology implemented with these marketing strategies should be utilized to its maximum potential.
- Both technical and soft skilled members should be there in the team and regular assessment of their performance needs to take place.
Always start the cutting of cost from technology suite there would be some part of it were cutting down cost is possible without affecting the overall performance.
There should be centralised oversight for these assessments of technologies and employees. They should be responsible for the eradication of outdated technology and implementing new technology so that it integrates into the overall performance of the business.
Using more of Digital marketing tactics would be better as it will have less financial burden than traditional methods and also, they reach a wider audience easier as consumers are online most of the time.