When sales & company revenue drop or the economy turns bad, marketers might assume the best action plan is to pour additional spending into the marketing budget.
This plan could work but can also go very, very poorly. According to Entrepreneur, there are three key questions you must answer before making any split-second decisions:
- Do you need more customers?
- Can you squeeze more juice out of your content marketing channels?
- What happens when your planned new investment goes well?
Here is what the article states –
“Companies that don’t invest in marketing at all are dancing on the edge of a perilous cliff. However, pouring even more money into an underperforming marketing strategy without carefully examining all the circumstances at play can be a bad investment. Take some time to get clarity on these three questions, then make your decisions accordingly.”
Read the full story here.
There have been times when Kennected has faced a decrease in sales but has adapted by listening to what the market tells us.
We’ve outlined the top three solutions that have worked for us.
- Know your budget
Keep track of what you spend daily, so you’re on track to stay under your budget. It’s also important to ensure your ad platforms are not overspending.
Some days your ads will spend your whole budget & other days, they will spend less.
- Know your customer’s lifetime value
Recognize each customer’s lifespan with your business. How long are customers sticking with your product?
Knowing that number lets you know how much to spend to acquire more customers.
Turn off ads that are spending more than the CLV & are unnecessary.
- Listen to what the market is saying & test
Look at your ads, sales funnels, etc. & see what the numbers show. You will notice if a campaign is working or not.
Test different headlines, sales videos, ads, etc., for better results.
Since launching our product Cloud Kennect, we’ve increased relationships between some of the TOP BUSINESS LEADERS.
LinkedIn is the best place to perform lead generation, but you can’t forget how VALUABLE your connections are.
We were shocked at the growing number of companies that struggle with lead generation. We had to make a change.
So far, we’ve helped over 8,000 customers THRIVE with lead generation. Check out Kennected & see what we’re all about!