5 Principles To Follow When Allocating Your Marketing Budget In An Uncertain Economy

Don’t scale back your marketing budget in uncertain economic times. Even with the threat of a recession in the next year, companies should prioritize marketing to stay ahead of competitors. In fact, marketing spending is on the rise—now is not the time to back down. Cost-cutting shouldn’t be the strategy driving your annual marketing budget—you won’t meet growth goals this way. Instead of crafting marketing initiatives based on cost, focus on proven effectiveness.

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By Steve Ohanians, Forbes Councils Member – Read this article in its entirety HERE on Forbes’ website

Data from the 2022 CMO Survey found that marketers are prioritizing initiatives like building trust and establishing superior customer service. These are key components of the modern marketing experience, and they connect consumers to brands. Even in economic uncertainty, customer-centric marketing is critical. Investing in digital marketing initiatives—and knowing which ones best suit your company’s needs—is a sustainable strategy. In fact, digital marketing spending is expected to increase significantly in the next year; it already accounts for 57.1% of marketing spending, according to the CMO Survey.

In short, if your brand mission, product information and other critical elements are not accessible online, your customers will promptly move on to your competitors. It’s a question of ease and accessibility. This is why companies must devote a portion of their marketing budgets to owned assets, like websites and digital content. The proportion of the budget allocated to the website year over year will be determined by how recently your website was updated, whether the content is current and relevant, and based on data about web traffic. Ultimately, the key to a successful digital marketing strategy is…