When times are flush, we tend to be somewhat indiscriminate with our channels and our data. In other words, we tend to feel more comfortable trying things based on whim and intuition. During a downturn, it’s time to narrow the focus. What data are you and your third-party partners using to inform the decisions behind your spend? What measures will indicate the success of that spend?
Evaluate your marketing “tags” across media.
It’s time to look at everything with a narrower view on definitions: your segments, the triggers that funnel customers into those segments, what defines an engagement, a conversion, a lead, a prospect, etc. These marketing 101 best practices can help you trim a lot of waste from your budget. You may even find a few dollars.
Prioritize results, not reach.
We all know that so-called vanity metrics (think “likes” and “follows”) don’t grow your business or create change. Instead, can you identify the metrics that actually correlate to positive change in your business? These are the metrics you want to prioritize within your organization, and with your third-party partners. If you’re in a position to incentivize or compensate as a result of outcomes, all the better.
For example, let’s say you only have 150 active customers out of 20,000 followers. Unless those 150 customers are providing more income than you can handle, the 20K number isn’t very meaningful. However, if you determine that shares of your content marketing articles correlate to new customers and increased sales, the question becomes how can you incentivize your existing customers or prospects to share more? What does this tell you about the topics your content addresses, or the channels you are using?