Optimizing Your Marketing Budget During COVID-19

Many companies that were heavily reliant on industry events and direct marketing budget have seen a sizeable reduction in their leads pipeline with the pandemic forcing companies to cease in-person events and meetings.

To make new sales, Canadian businesses are now purchasing customer leads and cold calling or emailing them. Many are using social media platforms to market their services and products to potential customers.

But how to ensure that these new marketing methods will have a meaningful impact on your sales?

BDC Advisory Services’ Rebecca Chan says that it’s time for businesses to reevaluate their customer journey process. They need to test more ideas and pivot if needed. It’s important to be agile and stay on top of your business marketing campaign if your spending budget is to be optimized effectively.

Chan has offered the following tips to entrepreneurs looking to boost their marketing campaign amidst the COVID-19 pandemic.

Increase the Total Number of Customer Touchpoints

Chan recommends looking at things from the customer’s point of view. Just think about their shopping patterns, thinking, and their purchasing behaviors. What would they like to hear during these stages? Once you’ve determined that, target the channels they spend more time on.

Online videos, events, radio ads, online searches, and websites are great channels for businesses to reach out to their customers and nudge them forward on their customer journey.

Studies show that it requires around 6 – 10 touchpoints before customers decide to purchase a service or product. Businesses can improve the odds of bagging a sale by increasing the total number of customer touchpoints.

How Has The COVID-19 Pandemic Changed Customer Journey

Several touchpoints that were taken for granted during the customer journey process have now been removed due to the pandemic.

People aren’t interested in visiting brick & mortar stores to see and touch products. Instead, they’re doing a bulk of their spending research online.

Businesses need to improve their online website game and offer a virtual shopping experience via their website. Product or service descriptions must be more comprehensive to attract customer interest.

B2B companies can also host roundtables, webinars, and other such virtual events online. Spend more time with your existing clients. Set virtual meetings where you can discuss your offerings and hold a friendly conversation. Even if your interactions are strictly online, it’s essential to retain a sense of connection with your clients.

Align Your Marketing and Sales Teams

By moving the customer journey online, companies can find more ways to improve the efficiency of their marketing strategies.

One such way is to create alignment between the sales and marketing teams, thus ensuring a customer’s needs are catered to from start to finish.

The first step of the customer journey involves spreading awareness, which is the responsibility of the marketing team. Building interest, solving customer queries, and closing sales are the responsibilities of the sales team. Bringing these two teams together can help potential clients navigate the customer journey with ease.

Optimize Marketing Budgets Using Analytics Data

Quality digital marketing campaigns must have clear, pre-determined goals from the beginning, whether it’s increasing sales figures, boosting conversion rates, or improving the brand recognition of the company’s offerings. This allows the company to measure its progress more efficiently. A benchmark must be established right from the beginning, which can be used to compare and measure the company’s progress.

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